India's SpiceJet quarterly profit rises 22%


BENGALURU, May 28 (Reuters) - Indian budget airline SpiceJet Ltd SPJT.BO posted a 22% rise in fourth-quarter profit on Tuesday, as it flew more customers and was able to raise prices.

Standalone net profit, excluding earnings of units SpiceJet Merchandise, SpiceJet Technic and Canvin Real Estate, reached 562.9 million rupees ($8.08 million) in January-March, from 461.5 million rupees in the same period a year earlier.

Average fares rose 11% in the quarter even as capacity in terms of seat-kilometres rose 21%.

($1 = 69.6930 Indian rupees)

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(Reporting by Krishna V Kurup in Bengaluru; Editing by Christopher Cushing)

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