Florida-based ultra low-cost carrier (ULCC) Spirit Airlines reported a first-quarter net profit of $61.9 million, down 10.1% from net income of $69 million in the 2015 March quarter, as the airline continues to make adjustments under a new CEO. Spirit’s first-quarter operating revenue rose 9.1% year-over-year to $538.1 million while expenses increased 13.7% to $436.8 million, producing an operating profit of $101.3 million, down 7.3% from operating income of $109.3 million in the ...

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