SpiceJet announced a net loss of 838 crore rupees on Monday for the quarter that ended on September 30, 2022. Compared to the same time last year, when it posted a net loss of 562 crore, losses increased.
The airline stated in a statement that losses reached 578 crore, excluding foreign exchange, and that the normally slow third quarter’s business was hurt by record-high fuel prices and the falling rupee.
Revenue increased by 45% to Rs. 1,953 crore. Operating costs increased by 40% to 2,943 crore.
The cost of ATF rose 87% during the quarter under review.
Ajay Singh, Chairman and Managing Director of SpiceJet, claims that the industry has faced persistent difficulties. However, the government’s recent increase in the ECLGS ceiling to 1,500 crore will significantly contribute to the much-needed stability.
“A close to normal business environment, an increase in business and leisure travel, and government assistance are fostering optimism. The sector is still suffering from rising ATF prices and the weakening rupee. However, the sector’s overall outlook is still promising. We anticipate significant improvements in our operating environment as a result of the settlements we have reached with the majority of our significant partners and the upcoming separation of our cargo and logistics arm.”the executive said
In the third quarter, the airline ran 215 charter flights and introduced 12 new routes.
According to a statement from the firm, SpiceXpress, the airline’s logistics arm, generated revenue of 206 crore and a net profit of 21 crore. To 10%, the profit margin grew. In the reviewed quarter, SpiceXpress transported 27,674.98 tonnes of cargo.
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