New Delhi: Hit by higher fuel price and irrational competitive pricing, low-cost carrier SpiceJet on Friday reported a net loss of Rs 71.9 crore in the first quarter of this financial year.
The company had closed the corresponding in the last year with a net profit of Rs 55.2 crore.
“Fuel prices during the first quarter in this fiscal were 43 per cent higher than same period last year and fuel cost constituted 53 per cent of the total costs in the first quarter as compared to 36 per cent in the same quarter last year,” said a release from the airline.
The airline’s fuel bill for the first quarter this year increased by 37 per cent compared with the same period last year.
Average passenger yields for the quarter were also higher by 5.5 per cent to Rs 3,663 crore. Total income of the company also increased by 32 per cent to Rs 945.6 crore in the quarter under review as against Rs 716.8 crore in the same period last year. Seat factors during the quarter were 78.9 per cent.
13/08/11 Business Standard
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