Moneycontrol
Last Updated : Nov 14, 2018 01:50 PM IST | Source: Moneycontrol.com

SpiceJet posts net loss of Rs 389 crore for Q2 on rising fuel cost, rupee depreciation

The airline posted an operating loss of Rs 321.5 crore during the quarter against an operating profit of Rs 139.5 crore last year.

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SpiceJet, on Wednesday, posted a net loss of Rs 389.3 crore for the September quarter against a net profit of Rs 105.2 crore that the airline posted during the same quarter of last year.

Total income has risen to Rs 1,880.86 crore, up 4 percent year on year from Rs 1,811.4 crore reported last year.

The airline posted an operating loss of Rs 321.5 crore during the quarter against an operating profit of Rs 139.5 crore last year.

Expenses per ASKM increased by 25% on account of 48% increase in ATF and 10% increase in exchange rate, the airline said in a statement.

The carrier reported a net loss on account of rising fuel costs and rupee depreciation.

“The company paid an amount of Rs 272 crore on account of increase in cost of aviation turbine fuel (ATF), Rs 78 crore on account of rupee depreciation and an amount of Rs 46 crore on account of forex losses on its obligations as compared to Q2 2017. Revenue performance remained disciplined and fell by only 1% in spite of severe competition,” SpiceJet said in a statement to exchanges.

The company will take deliveries of 10 more Boeing 737 MAX aircraft in Q3 and up to

8 MAX aircraft have been planned for inductions in Q4 of FY2019. Further 4 Q400 aircraft shall be inducted during Q3FY 2019 and up to 4 Q400s are planned for inductions in Q4 of FY 2019.

“While it has been a challenging quarter for the entire industry, SpiceJet has managed to handle the sector headwinds well thanks to our aggressive network expansion, emphasis on cost reduction, induction of fuel efficient aircraft and the undying competitive spirit of our employees,” Ajay Singh – Chairman and Managing Director, SpiceJet said in a statement.
First Published on Nov 14, 2018 01:50 pm
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