Mumbai: Hit by forex losses and high fuel costs, budget carrier SpiceJet today reported Rs 171-crore loss for the quarter to December, as against a profit of Rs 102 crore in the year ago quarter.
The red ink came even as the Chennai-based carrier saw its revenue growing by 14 per cent to Rs 1,807 crore and a traffic growth of 10 per cent during the quarter. The airline booked Rs 63 crore in forex losses.
"The approximate impact of currency depreciation alone, despite a hedging programme that SpiceJet has in place, was around Rs 63 crore during the quarter," Media baron Kalanithi Maran-promoted SpiceJet said in a statement.
The company's finance cost also went up to Rs 30 crore from Rs 24.35 crore a year ago. It also spent 9 per cent more on ATF than in the same period last year, as the currency effect has been fully passed on to the local carriers by oil marketing companies.
14/02/14 PTI/Financial Express
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The red ink came even as the Chennai-based carrier saw its revenue growing by 14 per cent to Rs 1,807 crore and a traffic growth of 10 per cent during the quarter. The airline booked Rs 63 crore in forex losses.
"The approximate impact of currency depreciation alone, despite a hedging programme that SpiceJet has in place, was around Rs 63 crore during the quarter," Media baron Kalanithi Maran-promoted SpiceJet said in a statement.
The company's finance cost also went up to Rs 30 crore from Rs 24.35 crore a year ago. It also spent 9 per cent more on ATF than in the same period last year, as the currency effect has been fully passed on to the local carriers by oil marketing companies.
14/02/14 PTI/Financial Express
