Tuesday, September 15, 2020

SpiceJet Q1 results: Airline reports net loss of Rs 593 crore

New Delhi: SpiceJet today said that it has reported a net loss of Rs 593.4 crore in the first quarter of the current fiscal as against a profit of Rs 261.7 crore in the same quarter of the previous year, as flight operations remained suspended for most part of the quarter following the nationwide lockdown announced by the Modi government.
During the April-June quarter, domestic airlines were not operating starting end of March till the end of May due to lockdown and the market leader, IndiGo, reported a net loss at Rs 2,844.3 crore during the same period.
The airline said that the operating revenue was Rs 514.7 crore for the reported quarter as against Rs 3,002.1 crore in the same quarter last year. For the same comparative period, operating expenses were Rs 1,303.2 crore as against Rs 2,887.2 crore.
These losses have further impacted the financial position of the company that has a negative net worth of Rs 2,170 crore as on June 30, 2020.
The company expects the situation to improve as states open up going ahead.
“This is the worst-ever crisis to hit the aviation sector but I am pleased that SpiceJet continues to innovate and outperform the industry. Flight operations were suspended for most part of the quarter and the partial resumption of flights initially and the weak demand thereafter was a reminder of the significant problems that this pandemic has resulted in,” Ajay Singh, Chairman and Managing Director, SpiceJet, was quoted in the release.
15/09/20 Mihir Mishra/Economic Times
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