SpiceJet in Rs 39 cr Q3 loss

Budget airline SpiceJet on Monday posted a loss of R39.3 crore for the quarter ended December 31, 2011, due to escalating fuel prices and an increase in foreign exchange rates.

Budget airline SpiceJet on Monday posted a loss of R39.3 crore for the quarter ended December 31, 2011, due to escalating fuel prices and an increase in foreign exchange rates.

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The air carrier had a profit of Rs 94.4 crore for the comparable period last fiscal, it said in a filing to the BSE.

"... During the quarter ended December 31, 2011, we were able to realise major gains in market share, improve the revenue mix and achieve significant cost savings aided by a relentless drive to boost operational efficiencies."

"Accordingly, our losses at the profit before tax (PBT) level fell by more than Rs 200 crore as compared to the immediately preceding quarter. But for escalating ATF prices and abnormal increase in the US Dollar rates the financial performance could have been much better this quarter," said Neil Mills, chief executive officer, SpiceJet.

The company's revenue increased by 41% to Rs 1,175 crore from R831 crore of the corresponding quarter a year ago.