Spicejet posts net loss of Rs.7,196.4 lakhs in Q1

Posted By: Religare
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Spicejet posts net loss of Rs.7,196.4 lakhs in Q1
Spicejet Limited has announced results for quarter ended June on August 12, 2011. Net loss of the company stood at Rs.7,196.4 lakhs as against net profit of Rs.5,521.8 lakhs in previous corresponding quarter.

Loss has occurred on account of significant increase in prices of Aircraft Fuel whose costs increased by 94.9 percent to Rs.50,517.2 lakhs. Oil used in airlines known as ATF, had seen huge rise in prices internationally. Overall expenditures increased by 55.7 percent to Rs.101,495.7 lakhs.

On revenues front, net sales increased during the quarter by 31.8 percent to Rs.93,284.7 lakhs and other operating income increased by 42.1 percent to Rs. 1,279.4 lakhs.

On this, total income posted an increase 31.9 percent to Rs. 94,564.1 lakhs. However due to higher increase in expenditures, company posted operating loss of Rs. 6,931.6 lakhs as against operating profits of Rs. 6,500.6 lakhs in previous corresponding quarter.

Other income also decreased during the quarter by 55.8 percent to Rs. 334.3 lakhs. Another increase in net loss came from interest side, where net interest paid increased by 352.8 percent to Rs. 599.1 lakhs.

Read more about: spicejet, oil, airline, fuel
Story first published: Tuesday, August 23, 2011, 12:32 [IST]
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