BusinessIndia

SpiceJet records in second straight quarterly loss of Rs 389.4 crore

Gurugram, Nov 14 (IEBusiness) SpiceJet on Wednesday announced second straight quarterly loss of Rs 389.4 crore due to increase in fuel rates and depreciation in rupee value.

During the same quarter a year ago, the airline earned a profit of Rs 105.3 crore.

Airline Chairman and Managing Director Ajay Singh said as an impact of strong cost pressures faced during this quarter, the company paid an amount of Rs 272 crore due to increase in cost of Aviation Turbine Fuel, Rs 78 crore due to Rupee depreciation and an amount of Rs 46 crore on account of forex losses on its obligations as compared to seond quarter last year.

Revenue performance, however, remained disciplined and fell by only 1 per cent in spite of severe competition, he added.

Singh said SpiceJet, however, again excelled on operational parameters to report the highest passenger load factor amongst all airlines in the country all through the quarter. The average domestic load factor for the quarter was 93.5 per cent. It has recorded the industry’s highest load factor for 42 successive months.

It has recorded a 4 per cent rise in second quarter operational revenue to Rs 1880.9 crore as the airline added more destinations and expanded its fleet of passenger and freight aircraft.

Singh added that the company is all set to take deliveries of 10 more Boeing 737 MAX aircraft in Q3 and up to 8 MAX aircraft have been planned for inductions in Q4 of FY2019.

Further 4 Q400 aircraft shall be inducted during Q3FY 2019 and up to 4 Q400s are planned for inductions in Q4 of FY 2019. With the crude prices taking a fall in this quarter, the profitable performance is expected to pick up during the next 2-3 quarters.

(Source UNI News)

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