New Delhi: India's SpiceJet Ltd. posted its biggest-ever quarterly net loss, hit by a weak rupee and higher jet-fuel prices.
The results led to a more than 6% fall in shares of India's second largest budget carrier by market share.
SpiceJet posted a net loss of 5.59 billion rupees ($89 million) in the three months ended Sept. 30, compared with a net loss of 1.63 billion rupees in the year-earlier period. Sales grew 6% year-over-year to 12.46 billion rupees.
SpiceJet—controlled by media baron Kalanithi Maran —follows Jet Airways (India) Ltd. —which in October reported a record net loss for the July-September period.
08/11/13 Santanu Choudhury/Wall Street Journal
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The results led to a more than 6% fall in shares of India's second largest budget carrier by market share.
SpiceJet posted a net loss of 5.59 billion rupees ($89 million) in the three months ended Sept. 30, compared with a net loss of 1.63 billion rupees in the year-earlier period. Sales grew 6% year-over-year to 12.46 billion rupees.
SpiceJet—controlled by media baron Kalanithi Maran —follows Jet Airways (India) Ltd. —which in October reported a record net loss for the July-September period.
08/11/13 Santanu Choudhury/Wall Street Journal
