SpiceJet shares tumble nearly 12% after Q1 earnings

NEW DELHI: Shares of on Monday declined nearly 12 per cent after the company reported a net loss of Rs 729 crore for the quarter ended June.

The stock tumbled 11.61 per cent to Rs 63.55 on BSE.

Budget carrier SpiceJet on Friday reported a net loss of Rs 729 crore for the quarter ended June as its flight operations were affected due to the second wave of the pandemic.

It had posted a net loss of Rs 593 crore in the corresponding period of the previous financial year.

The airline's operating revenue stood at Rs 1,266 crore in the first quarter of 2021-22, higher than Rs 705 crore reported in the year-ago period, it said in a statement.

Operating expenses during the June 2021 quarter were Rs 1,995 crore, compared to Rs 1,298 crore earlier.

SpiceJet Chairman and Managing Director Ajay Singh said, "The last five quarters have been the most difficult phase ever for SpiceJet as aviation remained the worst-hit sector during the second wave as well."

The first quarter was severely impacted by the second wave as passenger traffic almost disappeared, he said. PTI SUM