SpiceJet Q1 loss totals Rs 593 crore as flights remain suspended

Source :ANI
Author :ANI
Last Updated: Wed, Sep 16th, 2020, 09:23:01hrs

Gurugram (Haryana): Low-cost carrier SpiceJet on Tuesday reported a net loss of Rs 593 crore in the first quarter of FY21 against a profit of Rs 262 crore in the same quarter of previous year as flight operations remained suspended following the nationwide lockdown.
Operating revenue was Rs 515 crore as against Rs 3,002 crore in the same period. For the same comparative period, operating expenses were Rs 1,303 crore as against Rs 2,887 crore.

On an EBITDA basis, the loss was Rs 11 crore in Q1 FY21 as against a profit of Rs 748 crore in Q1 FY20. On an EBITDAR basis, the profit was Rs 13.5 crore as against a profit of Rs 812 crore for the same quarter last year.
The airline said the present operating environment on account of COVID-19 though does not reflect the true comparison of the current results with those of corresponding quarter last year.
"This is the worst-ever crisis to hit the aviation sector," said Chairman and Managing Director Ajay Singh. "But I am pleased that SpiceJet continues to innovate and outperform the industry."
Flight operations were suspended for most parts of the quarter. Partial resumption of flights initially and the weak demand thereafter was a reminder of the significant problems that this pandemic has resulted in, he said.
In terms of operational parameters, SpiceJet had the best passenger load factor among all airlines in the country during the quarter.
The average domestic load factor for the quarter was 66.4 per cent and the airline maintained its market share of above 16 per cent despite the impact of COVID-19 thus demonstrating robust operating parameters.
Till date, SpiceJet has operated over 800 charter and Vande Bharat flights to help repatriate more than 1.2 lakh stranded Indian citizens from countries such as the Philippines, Kyrgyzstan, Russia, Netherlands, the United Arab Emirates, Saudi Arabia, Oman, Qatar, Lebanon, Bangladesh, Maldives and Sri Lanka.