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InterGlobe Aviation third-quarter profit plunges as crude prices weigh

January 23, 2019 / Zee News

InterGlobe Aviation Ltd, owner of India`s biggest airline by market share IndiGo, said its third-quarter profit slumped 75 percent, dragged down by higher crude prices and intense competition.Its net profit was 1.91 billion rupees ($26.79 million) in the three months ended Dec. 31, compared with 7.62 billion rupees a year earlier, the company said. Indian airlines had a rough year in 2018, plagued with higher crude prices and a weak rupee. Competition intensified to the extent that rival Jet Airways Ltd has been left discussing a restructuring plan with its lenders. InterGlobe posted a quarterly loss three months ago, its first since debuting on the stock market in 2015. InterGlobe`s expenses surged 50.6 percent to 80.38 billion rupees over October to December, while its revenue per available seat kilometre - a measure of its operating earnings - fell 3 percent to 3.70 rupees in the third quarter.