SpiceJet reports Rs240-crore loss in FY'12 second quarter

Nov 11, 2011 |

New Delhi

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Budget airline SpiceJet on Friday reported a loss of Rs240 crore for the second quarter of the fiscal, on spiralling fuel prices and a weakening rupee.

During the quarter ended September 30, 2010, SpicJet had a net profit of Rs10 crore.

"The traditionally weak July-September quarter was made more challenging this year by high fuel prices, depreciating rupee and an irrational pricing environment," airline's CEO Neil Mills said in a statement.

The airline further said that aircraft fuel expenses were 83 per cent higher than same period last year and fuel cost constituted 63 per cent of the total revenue in the current quarter as compared to 43 per cent in the comparable quarter for the previous year. Shares of SpiceJet closed at Rs24.30, up 3.62 per cent on the BSE.

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