SpiceJet reports Rs 807.1-cr loss in Q4

Our Bureau New Delhi | Updated on July 29, 2020 Published on July 29, 2020

SpiceJet reported a net loss of ₹ 807.1 crore in the fourth quarter of FY20 (including a non‐cash loss of ₹ 473.4 crore due to forex losses on restatement of lease liability due to Ind‐AS 116) against a profit of ₹ 56.3 crore in the same quarter of the previous year, the airline said in a statement to the Bombay Stock Exchange.

The statement adds that business was adversely impacted due to the Covid‐19 pandemic and the nation‐wide lockdown that resulted in suspension of flight operations. The airline reported a net loss of ₹ 934.8 crore in FY 2020 (that includes a non‐cash loss of ₹ 697.0 crore due to forex losses on restatement of lease liability due to Ind‐AS 116).

Operating revenues were at ₹ 2,863.9 crore for the reported quarter and at ₹ 12,358.6 crore for fiscal 2020. On an EBITDA basis, the loss was ₹ 223.6 crore for the reported quarter, with a profit of ₹ 1,273.9 crore for fiscal 2020. On an EBITDAR basis, the loss was ₹ 90.9 crore for the reported quarter and a profit of ₹ 1,636.8 crore for fiscal 2020.

The statement added that the airline was actively using Ras Al‐Khaimah airport as a hub for cargo operations.

The likely return to service of the Boeing 737 MAX in the first quarter of calendar year 2021 will be a big boost as it will add operationally efficient aircraft to SpiceJet’s fleet, the statement added.

The company continues to incur various costs for the grounded Boeing 737 MAX aircraft and during the quarter ended March 31, 2020 recognised ₹ 134.5 crore towards aircraft and supplemental lease rentals and other identified expenses, as Other Income for the reported quarter. This is part recognition of the total reimbursements, on which the company is working with the aircraft manufacturer for various ascertained costs and losses incurred by it on this aircraft.

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Published on July 29, 2020
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