SpiceJet hopes to place aircraft order in 2-3 months | Reuters

NEW DELHI India's SpiceJet Ltd hopes to place an order for more than 100 single-aisle planes in the next two to three months, its chairman said, as the nation's fourth-biggest airline by passenger market share reported a surge in quarterly profit.

SpiceJet disclosed plans in November to buy more than 150 planes and that it was in talks with both Boeing and Airbus. Its current fleet is mostly Boeing planes.

Ajay Singh, who last year took over the airline, rescuing it from the brink of collapse, told a news conference on Thursday that operations had stabilised and the carrier was cleaning up legacy issues.

Talks are also continuing with small aircraft makers to potentially add to its fleet of 14 Bombardier Q400 turboprop planes, Singh said.

He had said in November that SpiceJet was in talks with Bombardier, France's ATR - a joint venture between Airbus and Finmeccanica - and Brazil's Embraer for 50 more smaller planes.

India's highly-competitive airline sector has benefited from lower fuel prices and growing passenger numbers.

SpiceJet's net profit more than tripled to 730 million rupees ($10.8 million) for the three months to March 31, from 225 million rupees a year earlier, it said in a statement.

The results included one-time gains of about 637 million rupees, and also one-time expenses of 1.73 billion rupees towards "stabilising and improving the reliability of its fleet", the airline said.

($1 = 67.3700 Indian rupees)

(Writing by Devidutta Tripathy; Editing by Mark Potter)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: May 19, 2016 21:56:56 IST

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