SpiceJet posts Rs 389.4 crore loss in July-Sept

SpiceJet has reported a loss of Rs 389.4 crore in the July-September, 2018, compared to profit of Rs 105.3 crore in same quarter last fiscal. This is the airline’s second straight quarterly loss. The airline scrip rose 2.8% to Rs 83.7 on BSE.

“Expenses… increased by 25% on account of 48% increase in ATF (aviation turbine fuel) and 10% increase in exchange rate…. net loss of Rs 389.4 crore during July-September 2018 quarter on account of rising fuel costs and rupee depreciation,” the airline said, adding, “As an impact of strong cost pressures faced during this quarter, the company paid Rs 272 crore on account of increase in cost of ATF, Rs 78 crore on account of rupee depreciation and Rs 46 crore on account of forex losses on its obligations as compared to Q2, 2017-18.

Revenue performance remained disciplined and fell by only 1% in spite of severe competition.” Read More

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