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SpiceJet Q2 net loss at Rs 240 cr on high fuel cost
Low fare carrier SpiceJet posted a net loss of Rs.240 crore for the September quarter when compared with a profit of Rs.10 crore for the comparable period last fiscal year. Sales, however grew 26% to Rs 759 during the quarter.
Low fare carrier SpiceJet posted a net loss of Rs.240 crore for the September quarter when compared with a profit of Rs.10 crore for the comparable period last fiscal year. Sales, however grew 26% to Rs 759 crore during the quarter.
Neil Mills, chief executive officer of the airline said, said "The traditionally weak July-September quarter was made more challenging this year by high fuel prices, depreciating rupee and an irrational pricing environment."
He further said that the management is confident about the long-term prospects for air travel in India. "We do hope that pricing aberrations of the past few quarters that have plagued the industry will get rectified soonest. In fact, the developments of the past few days perhaps indicate that a more rational operating environment may soon be around the corner."
Meanwhile, aircraft fuel expenses were also 83% higher at 1374 crore Year-on-Year. The pricing environment continued to be weak, resulting in a decline in the average passenger yields in current quarter by 4.8% to Rs.3,317. With increased capacities getting inducted, load factor during the quarter were down to 67.4% from 73.6% during the same period last year said the company.
