SpiceJet posts a net loss of Rs 577.7 crore in Sept quarter, excludes non-cash forex loss

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MUMBAI: SpiceJet posted a net loss of Rs 577.7 crore for the quarter ended September. The company also said this loss excludes a non-cash forex loss of Rs 260 crore. The carrier had suffered huge loss due to record high fuel costs and a depreciating rupee. It had incurred a loss of Rs 561.7 crore in the September quarter during fiscal 2021-22.

The low-budget carrier also said its operating revenue increased by 45 per cent year-on-year to Rs 1,953 crore. The company said in its statement that its cargo business hive-off would be completed in third quarter (Q3). The airline said it was expecting significant operational improvements and restructuring benefits starting during the third quarter (Q3).

The carrier also announced that its cargo division of SpiceJet, SpiceXpress, posted a profit of Rs 21 crore in the second quarter of fiscal 2022-23 (Q2FY2023). It also said its emergency credit line guarantee scheme (ECLGS) funding had been increased to Rs 1,500 crore. The scheme was launched as a part of the Atmanirbhar Bharat package for micro, small, and medium enterprises (MSME) borrowers to mitigate the distress caused by the COVID-19 pandemic.

The low-budget carrier also said there had been 30 per cent increase in the number of flights during the second quarter. It also said the industry’s highest load factor of 85 per cent for domestic scheduled flights and an improvement of 8 per cent over last year’s quarter. (ANI)

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