The Hindu Business Line : SpiceJet posts Q1 net loss of Rs 102 cr on fuel price rise

New Delhi, Aug. 29 The Delhi-based low cost airline, SpiceJet has reported a net loss of Rs 102 crore during the first quarter of the current year mainly on account of 132 per cent increase in fuel costs.

In a statement, the airline has said that the net loss excludes a loss of Rs 27.2 crore on account of restatement of forex debt, which has been charged to the profit and loss account. The airline had a profit of Rs 18.5 crore during the same period in the previous year

The airline has reported a growth in operating revenues at Rs 457 crore during the first quarter of this year as compared to Rs 265 crore during the same period in the previous year. Similarly, average fare realisation at Rs 3,278 during the first quarter of the year was 37 per cent higher than the previous year’s Rs 2,389.

“Efforts are on to further reduce cost. On account of increase in fuel costs, the airline has curtailed its capacity increase foreseeing a subsequent impact of decline in passengers for the current year,” said the airline Chief Financial Officer, Mr Partha Sarathi Basu.

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SpiceJet posts Q1 net loss of Rs 102 cr on fuel price rise

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