SpiceJet posts ₹462.6-cr loss in Q2

SpiceJet reported a net loss of ₹462.6 crore for the second quarter ended September 30, 2019 against a loss of ₹389.4 crore for the same quarter last year.

In a statement, the airline said that the losses include a loss of ₹180.3 crore due to accounting standard IND-AS116, without which the losses would have been ₹282.3 crore.

SpiceJet added that losses were incurred because of inflated costs as a result of grounding of the Boeing 737 MAX aircraft and a seasonally weak quarter.

The airline reported an operating revenue of ₹2,845.3 crore for the latest quarter against an operating revenue of ₹1,874.8 crore for the corresponding previous quarter. For the comparative period, total expenses were ₹3,536.1 crore as against ₹2,291.5 crore while EBITDAR before exceptional expenses were ₹154.1 crore against a loss of ₹34.9 crore.