SpiceJet reduces losses; gains from problems at KF Airlines
Kalanithi Maran owned SpiceJet, has managed to lower its losses for Q2 2013, thanks in a large measure to problems at Kingfisher Airlines, which has helped improve rates as well as the load factor. BSE 75.151 (1.33%) NSE 75.050.85 (1.13%) BSE 1.36000001430511470 (0.00%) NSE 1.29999995231628420 (0.00%)
SpiceJet's losses narrowed to Rs 163.52 crore in Q2 2013 in comparison to Rs 240.07 crores reported in the corresponding period of last year.
Sales rose by 57% to Rs1,207 crore from Rs766 crore in the same period.
While SpiceJet losses have reduced, Kingfisher Airlines losses had widened to Rs 753.55 crore for Q2 2013 in comparison to Rs 468.66 crore in the corresponding period of last year.
The company's losses were compounded by staff strike, high interest costs and grounding of flights.
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