Rising cost of aviation turbine fuel and depreciation of rupee have seen SpiceJet, the Delhi-based low-cost airline post a net loss of ₹ 389.4 crore for the quarter ended September 30 this year. The airline had reported a profit of ₹ 105.3 crore in the same period previously.
In a statement, the airline said that it has witnessed an "Unexpected cost increase” of ₹ 396 crore in the quarter on account of fuel increase and currency depreciation.''
The statement added that the airline had paid ₹ 272 crore on account of increase in the cost of ATF, ₹ 78 crore on account of rupee depreciation and ₹ 46 crore on account of forex losses on its obligations compared to the second quarter of 2017.
During the quarter, the airline's total income stood at ₹ 1,910.3 crore against ₹ 1,842 crore in the same quarter previously. Expenses stood at ₹ 2,299.7 crore against ₹ 1,736.7 crore.
EBITDA or earnings before interest, taxes, depreciation, amortisation before exceptional items stood at a loss of ₹ 310.4 crore against ₹ 168 crore previously. EBITDAR or or earnings before interest, taxes, depreciation, amortisation rent/restructuring before exceptional items stood at a loss of ₹ 32.7 crore against ₹ 409.6 crore previously.
Ajay Singh, Chairman and Managing Director, SpiceJet, said that while it has been a challenging quarter for the entire industry, the airline has managed to handle the headwinds well thanks to ``our aggressive network expansion, emphasis on cost reduction, and induction of fuel efficient aircraft''.
“With higher fares, fall in global crude prices and currency appreciation we expect the operating environment to improve significantly,” he added.
With the announcement of SpiceJet, all three listed airline companies have posted a net loss in the quarter ended September 30.
IndiGo reported a net loss of a net loss of ₹ 652.1 crore for the quarter ended September 2018, while Jet Airways reported a net loss of ₹ 1,200 crore for the quarter ended September.