SpiceJet reports cargo revenue of 1,117 cr, profit of 130 cr in FY21
July 1, 2021: On a segment basis Spicejet’s revenue from cargo operations increased by 518 percent aggregating to ₹1,117.5 crore for FY2021 with profit of ₹130.9 crore for the full year against a loss of ₹134.2 crore for the previous year.
July 1, 2021: On a segment basis Spicejet’s revenue from cargo operations increased by 518 percent aggregating to ₹1,117.5 crore for FY2021 with a profit of ₹130.9 crore for the full year against a loss of ₹134.2 crore for the previous year.
Ajay Singh, chairman and managing director, SpiceJet, said, “Much like the first wave, this time too, our cargo arm was exceptionally active and has performed extremely well transporting record quantities of supplies all across the globe. To provide greater focus to cargo business and raise additional capital, we will hive-off the cargo business to operate as a separate entity.”
Cargo highlights for FY21
• EBITDA profit of ₹225.8 crore for the year ending March 2021 against a loss of ₹76.5 crore in the previous year
• Introduces wide-body cargo planes for long-haul operations to Europe, Africa & CIS countries
• Added a Boeing 767 & Airbus A330 to its cargo fleet
• Launched scheduled freighter services to Bangkok and Singapore
• Operating a fleet of 20 cargo planes including 8 wide-body aircraft
• Continues to remain leading air cargo operator in India -- operated more than 20,764 cargo flights and carried 1,68,976 tonnes of cargo since March 2020
• Cargo network spans over 63 domestic & 111 international destinations
• Airlifts 87,170 oxygen concentrators between April 28 to June 15, 2021
Cargo highlights for Q4 FY21
• Revenue of ₹416.5 crore for the quarter ending March 2021 against ₹67.8 crore in the corresponding previous quarter ending March 2020
• Net profit of ₹40.2 crore for the quarter ending March 2021 against a loss of ₹59.6 crore for the corresponding previous quarter
• EBITDA profit of ₹66.5 crore for the quarter ending March 2021 against a loss of ₹37.5 crore for the corresponding previous quarter
• Carried 39,693 tonnes of cargo in Q4
• Transports 133 tonnes of Covid vaccine between January - June 2021
SpiceJet reported a net loss of ₹235.3 crore in the fourth quarter of FY21 against a loss of ₹807.1 crore in the same quarter of the previous year as the business is severely impacted by the second wave of the Covid-19 pandemic which has adversely hit operations and travel demand.
The airline reported a net loss of ₹998.3 crore in FY 2021.
While there have been significant losses suffered on the passenger side of the business the dedicated cargo operations continued to provide a much-required lifeline to our overall operations.
The company continues to incur various costs owing to the grounding and the inability of Boeing 737 Max aircraft to undertake revenue operations for over two years now.
“SpiceJet continues to engage with Boeing to recover damages incurred by the company due to the grounding of the MAX and also engage with aircraft lessor of the grounded MAX aircraft to restructure the present leases,” reads the release.