India-based LCC SpiceJet has reported its highest quarterly profit in four years, as a sharp drop in expenses due to fewer flights operated more than offset a fall in revenue – sending shares up six percent

The company’s profit for the first quarter ended June 30 came in at 2.05 billion rupees ($24.7 million), from a loss of 7.89 billion rupees a year ago.

The airline also reported a profit of 168.6 million rupees for the quarter ended March 31, compared to a loss of 4.58 billion rupees a year before.

This reversal in fortunes will be welcome news for the carrier as unpaid dues following the pandemic resulted in six aircraft being deregistered at the behest of lessors. Additionally, the regulator in India ruled that more of its fleet could not fly due to technical issues. Ironically, it seems that having fewer planes in the sky gave the airline a focus on its most profitable routes.