Companies

SpiceJet narrows Q3 loss sequentially to ₹57 crore

Our Bureau New Delhi | Updated on February 10, 2021

SpiceJet owed approximately Rs. 147 crore as principal and Rs. 78 crore as interest V_V_KRISHNAN

SpiceJet has reported a net loss of ₹57 crore for the quarter ended December 31, 2020, against a loss of ₹112.6 crore in the September quarter.

In a statement, Ajay Singh, Chairman and Managing Director, SpiceJet, said: “The results are reflective of the massive exercise being undertaken by the company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish the best cost base in the industry.”

He added that the airline’s cargo business is proving its true potential, and the passenger business is getting back on track significantly. These, and a tight control on costs, have meant that the airline has managed to reduce its losses significantly in the quarter. Its revenue from cargo increased 36 per cent quarter on quarter, said the statement. The airline reported a profit of ₹90.60 crore from its freighter and logistics services, against a loss of ₹74.61 crore in Q2 FY21.

SpiceJet’s total income was ₹1,907 crore for Q3 FY21, against ₹1,305 crore in Q2 FY21. For the same comparative period, expenses were ₹1,964 crore (₹1,418 crore).

On an EBITDAR basis, its profit was ₹518.4 crore (₹475 crore).

The statement added that the airline continues to engage with Boeing to recover damages incurred due to the grounding of MAX aircraft and their re-induction in its fleet.

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Published on February 10, 2021
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