SpiceJet logs huge Rs 186 cr loss in Q4

MUMBAI: Budget carrier SpiceJet posted a massive Rs186-crore loss for the quarter ended March 31, 2013, surprising analysts who expected the airline to break even. The company had posted a loss of Rs 249 crore for the corresponding quarter in the previous year.

For the financial year ended March 31, 2013, SpiceJet loss narrowed down to Rs 191 crore from Rs 606 crore in FY12. With revenue for the fourth quarter increasing 31% to Rs 1,456 crore, average passenger yields in the March quarter rose 8%. SpiceJet’s aircraft occupancy increased by two percentage points to 76% as compared to the same period last year even as analysts are clueless about the dismal performance of the airline .

Says Kapil Kaul, CEO South Asia, CAPA, “The results are disappointing. There has been a serious impact in the maintenance costs. Interest costs have also doubled and the financial position will weaken and add to the significant pressure of the airline in the current fiscal. FY13 results could impact capital-raising plans.”