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Low-cost airline carrier SpiceJet has posted a loss of Rs 38.1 crore for the quarter ended June, dented by higher fuel cost and arbitration award.
The company had reported profit of Rs 175.2 crore in same period last year.
"The company has taken a provision of Rs 63.5 Crore as an exceptional item on account of an arbitration award that cited interest payable of Rs 92.5 crore and interest receivable of Rs 29 crore for the company," SpiceJet said in its filing.
With this one time provision, it has now fully provided for the maximum amount that may be payable under the arbitration award. Hence its profit before exceptional item stood at Rs 25.4 crore.
In addition to the above exceptional item, SpiceJet accounted for Rs 51 crore as forex losses (that includes the provision of Rs 25.2 crore of aforesaid forex revaluation) due to the depreciation of the Indian rupee.
Revenue during the quarter increased 19.6 percent to Rs 2,236 crore compared to Rs 1,869.5 crore in corresponding period last fiscal.
EBITDA (earnings before interest, tax, depreciation and amortisation) plunged 63.8 percent year-on-year to Rs 83.7 crore and margin contracted 870 basis points to 3.7 percent in Q1.
Aircraft fuel cost jumped by 52 percent year-on-year to Rs 812.4 crore due to rise in oil prices in the international market.
At 15:22 hours IST, the stock price was quoting at Rs 88.30, down Rs 1.10, or 1.23 percent on the BSE.
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