SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID

SpiceJet, low-cost carrier, has reported a consolidated net loss of ₹600.5 crore for the the quarter ended June 2020 as flight operations remained suspended for most part of the quarter in the wake of coronavirus outbreak. The company had posted consolidated profit at ₹262.8 crore in same period last year.

The airline’s operating revenue fell significantly by 82.6% to ₹521 crore in the first quarter of 2020-21.

“The COVID-19 pandemic (declared as such by the World Health Organisation on March 11, 2020), has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets,” said SpiceJet.