New Delhi: SpiceJet Ltd lost Rs 310 crore ($50.2 million) in the three months to September 30, the company said late on Friday, less than the Rs 560 crore it lost last year after it lowered fares to fill more seats.
SpiceJet, which has now lost money for five consecutive quarters, has been discounting ticket prices, trimming costs and reducing the size of its fleet in the last few months, as it battles fierce competition in a country where all but one of India's main carriers are losing money.
The Indian budget airline said the strategy had helped it to increase the amount of revenue it was earning per available seat kilometre by 12 per cent during the quarter, and reduce costs by 7 per cent, but that it was not enough to bring it back to profitability.
15/11/14 Reuters/NDTV
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SpiceJet, which has now lost money for five consecutive quarters, has been discounting ticket prices, trimming costs and reducing the size of its fleet in the last few months, as it battles fierce competition in a country where all but one of India's main carriers are losing money.
The Indian budget airline said the strategy had helped it to increase the amount of revenue it was earning per available seat kilometre by 12 per cent during the quarter, and reduce costs by 7 per cent, but that it was not enough to bring it back to profitability.
15/11/14 Reuters/NDTV
