SpiceJet loss widens to ₹838 cr. in September quarter
The Hindu
CMD Ajay Singh said that the airline had completed a series of settlements, which along with its upcoming hive-off of the cargo arm, would help improve operations.
SpiceJet’s loss widened to ₹837.8 crore during the quarter ended September as rising fuel prices and depreciating rupee continue to hurt airlines. Net loss in the same quarter last fiscal was at ₹561.7 crore. “Total revenue for the reported quarter was ₹2,104.7 crore as against ₹1,538.7 crore in the same quarter of the previous year. For the same comparative period, operating expenses were ₹2,942.6 crore as against ₹2,100.4 crore,” the airline said in a press statement.
CMD Ajay Singh said that the airline had completed a series of settlements, which along with its upcoming hive-off of the cargo arm, would help improve operations. He said that the government’s Extended Credit Line Guarantee Scheme of ₹1,500 crore for the airline is an indication of government support for stability in the sector.
The airline recently saw the aviation regulator restrict it from flying more than 50% of its flights for four months due to its poor financial health impacting flight safety.
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