SpiceJet posts Rs 57 crore loss in October-December quarter
NEW DELHI: Budget airline SpiceJet has reported a loss of Rs 57 crore in the October-December 2020 period, as opposed to a profit of Rs 73 in same quarter last fiscal.
SpiceJet has seen its losses fall from Rs 600.5 crore in the lockdown-impacted Q1 to Rs 112.6 crore in Q2 and Rs 57 crore in Q3 — a combined loss of Rs 770 crore in first nine months of this pandemic fiscal.
Shares of SpiceJet closed 1.1% up at Rs 87.85 on BSE on Wednesday, when the broader market was almost flat.
SpiceJet chairman and managing director Ajay Singh said: “…we are confident that things will only get better for us from now on. We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand… With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter…”
The auditor’s report says the airline has factored in some “other income” of which there is no “certainty” of receiving. Had that not been accounted for in the result, the Q3 loss would be higher by Rs 151 crore, the auditor says — meaning the October-December, 2020, loss could have been Rs 208 crore.
