SpiceJet posts Rs 124-crore loss on recast costs

Last Updated: Fri, Aug 15, 2014 11:31 hrs

SpiceJet reported a loss of Rs 124 crore in the first quarter of the current financial year, against a profit of Rs 50 crore in the corresponding period the previous year.

The loss was primarily due to restructuring costs of Rs 133 crore. Revenue fell marginally to Rs 1,691 crore from Rs 1,701 crore in the first quarter of the previous financial year.

"On a year-on-year basis, revenue held steady, despite an 8.4 per cent reduction in capacity, load factor was up 2.4 per cent and unit revenue was up 9.4 per cent,'' the airline said. The airline said it also increased ancillary revenue with its operational performance remaining strong. Operating costs rose 3.2 per cent due to rise in fuel price and rupee depreciation. The airline had to bear an extra cost of Rs 133 crore in higher interest and off restructuring costs due to the early termination of aircraft-lease that lead to loss.

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