NEW DELHI: SpiceJet’s profit declined 24.5% to ₹181.1 crore in third quarter of 2016-17, due to higher fuel prices and demonetisation of old currency notes. The low-cost airline had reported a net profit of ₹239.9 crore in the same quarter last year. “Profits for the quarter were impacted by demonetization and higher fuel prices,” the airline said in a statement. SpiceJet’s fuel expenses rose 29% to ₹473.7 crore in October-December 2016. The rising aviation turbine fuel prices, which contribute around 40 per cent of the total cost of operations, have impacted the profitability of the Indian airlines. The ATF prices rose 31.7% in January this year compared to the previous year. Owing to increased fuel costs, IndiGo’s third-quarter profit dipped 25% to ₹487.2 crore and Jet Airway’s net profit dropped 69% to ₹142.4 crore from a year-ago period. — Special Correspondent
