SpiceJet Ltd has posted a loss of Rs 249 crore for the quarter ended March 31, 2012, compared with a loss of Rs 59 crore for the comparable previous period. The falling value of the rupee, high fuel prices and the “significant tax burden” were cited as major reasons for the higher losses.

These issues continued to hurt the entire domestic aviation sector, says a company release.

Higher passenger yields

However, for the quarter, the company posted 46 per cent growth in revenue from operations at Rs 1,113 crore (Rs 760 crore), and an 18 per cent growth in passenger yields to Rs 3,816, from Rs 3,237 in the corresponding previous period. The past 12 months have been exceptional and the Indian aviation industry witnessed unprecedented levels of financial stress.

“Some relief was there in recent months and we are confident of the future, particularly as we will launch numerous international routes soon,” said Mr Neil Mills, CEO of the company.

Direct ATF import

And on the cost side, he said direct import of ATF is just about to commence, which will help to reduce the airline's effective fuel cost.

According to the release, the load factor during the March 2012 quarter came down to 74.4 per cent from 81 per cent during the same period last year. But, the company's market share in March 2012 increased to 17.1 per cent from 13.6 per cent in March 2011.

For the full year ended March 31, 2012, it posted 36 per cent growth in revenue from operations at Rs 3,998 crore (Rs 2,938 crore); and incurred a net loss of Rs 605 crore compared with a net profit of Rs 101 crore in the previous year.

>rravikumar@thehindu.co.in

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