SpiceJet’s net loss more than tripled to Rs 560 crore in the quarter ended September 30 against Rs 163 crore in the same quarter last year, due to a substantial increase in aircraft maintenance cost.
Revenues increased by nearly 6 per cent to Rs 1,246 crore (Rs 1,172 crore), said a company statement.
Aircraft maintenance cost more than doubled to Rs 325 crore (Rs 134 crore) The cost aggregated to Rs 78 crore additionally due to bunching up of engines sent for shop visits, the Chennai-based airline said.
The aircraft fuel cost stood at Rs 711 crore (Rs 640 crore). Fuel constituted 56 per cent of the total revenue in the September quarter compared with 54 per cent in the same quarter last year, the release said.
Kapil Kaul, CEO, Centre for Asia Pacific Aviation, South Asia, said “CAPA remains concerned with the future direction of SpiceJet, which needs close to $300 million of capital infusion. Except for promoter funding, other sources of fund raising look increasingly difficult.”
SpiceJet said the pricing environment continued to be weak, resulting in a decline in the average passenger yields in the current year by 7 per cent to Rs 3,711 against Rs 4,001 last year. Despite capacity addition, the load factor increased during the quarter to 71.8 per cent from 66.3 per cent in the year ago period.
The impact of currency depreciation alone, despite hedging, was around Rs 42 crore, the company said.
On Thursday, the company’s scrip closed at Rs 19.90 on the BSE, a 1 per cent decline over the previous close.