SpiceJet Q4 posts net loss of Rs 316.1 crore in FY 2018-2019
May 28, 2019: SpiceJet has reported a net loss of Rs 316.1 crore in the financial year ending March 2019.
May 28, 2019: SpiceJet has reported a net loss of Rs 316.1 crore in the financial year ending March 2019. The low-cost carrier posted a profit of Rs 56.3 crore for the quarter ending March 31, 2019 as against Rs 46.2 crore in the same quarter last year.
The airline's operating revenues were at Rs 2,531.3 crore for the reported quarter and Rs 9113.2 crore for the fiscal 2019. On an EBITDA basis, profit is Rs 122.8 crore for the reported quarter and Rs 48.4 crore for the fiscal 2019. On an EBITDAR basis, the profit is Rs 523.3 crore for the reported quarter and Rs 1,345.1 crore for the fiscal 2019.
Some of the challenges that SpiceJet faced in the last financial year were the worldwide grounding of the of the Boeing 737 MAX which led to the overnight grounding of SpiceJet's MAX fleet, the 25 percent increase in aviation turbine fuel prices and 9 percent depreciation of the Indian rupee.
Ajay Singh, chairman and managing director, SpiceJet said, "SpiceJet has posted a strong recovery in last two quarters after suffering a loss of Rs 427.5 crore in the first two quarters due to steep increase in fuel costs and sudden depreciation of the Rupee. This recovery comes despite the unprecedented challenges we faced during Q4 FY2019 which saw the grounding of as many as 13 of our MAX planes."
Expressing hope for 2020, Singh said, "With a massive fleet expansion this fiscal, a favourable operating environment, a likely return of the B737 MAX in July, significant improvements in yields and prime slots at key airports, we are confident of a strong performance for FY2020."
The budget airline recently inducted a Boeing 737, taking its fleet size to 100 aircraft.