NEW DELHI: SpiceJetNSE -4.39 % on Wednesday said that its losses during the second quarter of the current fiscal has widened to 462.6 crore, as against losses of 389.4 crore it had incurred during the same period last year. The airline also said that higher losses were due to new accounting norms.
The private carrier’s losses widened despite it posting a 52% increase in second quarter operational revenue to 2,845.3 crore as it added more destinations and expanded its fleet of passenger and freighter aircraft.
Indian airlines are posting losses due to low passenger yields as carriers are competing with each other to fill their planes. SpiceJet’s low-cost peer IndiGoNSE 1.83 %, which is country’s largest domestic airline, had also reported record losses of over 1,062 crore.
