May 24, 2013, 09.47 PM IST | Source: PTI

SpiceJet narrows March quarter loss to Rs 186 cr

Low-cost airline SpiceJet on Friday said its net loss has narrowed to Rs 186 crore for the fourth quarter ended March 31, 2013 on the back of higher passenger traffic and fare hikes.

Low-cost airline SpiceJet on Friday said its net loss has narrowed to Rs 186 crore for the fourth quarter ended March 31, 2013 on the back of higher passenger traffic and fare hikes.

The airline company reported a net loss of Rs 249 crore in the same period a year ago.

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The company's revenue rose by 31 percent to Rs 1,456 crore for the fourth quarter ended March 31, 2013 from the year-ago period, SpiceJet said in a regulatory filing to the stock exchanges.

"For yet another quarter, SpiceJet was able to successfully grow passenger traffic by around 20 percent, outperforming the domestic industry passenger growth. However, the increase in fares was inadequate to fully absorb the impact of higher costs of operation," the company said.

As of March, the airline controlled 20.4 per cent of the passenger market share, which stood at 17.1 per cent a year ago.

The Chennai-based carrier said its average passenger yields rose eight per cent during the quarter.

The yields from passengers rose to Rs 4,052 crore in March 31, 2013 up 23 per cent from Rs 3,293 a year ago.

For the financial year ended March 2013, the company’s net loss stood at Rs 191 crore against a net loss of Rs 606 crore in the preceding year.

"The past twelve months have continued to be difficult and the Indian aviation industry witnessed increasing cost challenges particularly relating to airport charges as well as the adverse impact of the weakness of the rupee," Neil Mills, CEO, SpiceJet said.

"We continue to be confident of the future, particularly as we have launched numerous international routes and this will improve the mix and performance in the future," he added.

Shares of the company today closed 2.58-percent higher at Rs 37.80 apiece on the BSE. 

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