SpiceJet’s Q2 loss rises to `461 crore; Boeing planes may return in January
NEW DELHI: A 55 per cent rise in total expenditure dented the performance of SpiceJet in the second quarter of the current financial year. The private carrier reported a consolidated net loss of Rs 461.22 crore in the seasonally weak quarter that ended on September 30, 2019, compared to a net loss of Rs 382.71 crore a year ago.
“With the industry’s growth rate slowing down in the past few months, the impact is evident on the bottom line. We, however, remain optimistic that the sector will regain the lost momentum as the inherent demand remains very strong,” said Ajay Singh, chairman and managing director, SpiceJet.
Of its net loss, the airline attributed a loss of Rs 180.3 crore to adoption of newer accounting standard IND-AS116, without which its loss would have stood at Rs 282.3 crore.The domestic carrier’s total expenditure jumped to Rs 3,537.48 crore in the September quarter from Rs 2,286.65 crore in Q2 FY19. Fuel expenses jumped 37.51 per cent to Rs 1,162.09.
