SpiceJet’s Q2 net loss widens to Rs 562 cr; total income rises 19%

SpiceJet’s Q2 net loss widens to Rs 562 cr; total income rises 19%

Budget carrier on Friday reported widening of net loss to Rs 561.7 crore for the quarter ended September 2021.

It incurred a net loss of Rs 112.6 crore in the corresponding period of the previous financial year.

Total income was Rs 1,538.6 crore in the second quarter of 2021-22. It was Rs 1,292.9 crore in the year-ago period, the company said in release.

Total expenses increased to Rs 2,100.4 crore in the period under review from Rs 1,405.6 crore in the second quarter of 2020-21.

The airline had incurred a net loss of Rs 729 crore in the first quarter of the current financial year.

“With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery,” Ajay Singh, Chairman and Managing Director, SpiceJet, said.

“The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very significant announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans,” he said.

Scheduled domestic flight services were suspended in India from March 25, 2020 to May 24, 2020 due to the COVID-triggered lockdown.

Scheduled international flights continue to remain suspended in India since March 23 last year. However, limited number of international passenger flights have been operating since July last year under air bubble arrangements formed with approximately 28 countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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