SpiceJet Shares Falls After Disappointing Q2 Numbers

Business

oi-Sneha

By Sneha B K

Updated: Monday, November 17, 2014, 13:46 [IST]

Shares in SpiceJet plunged more than 7 per cent on Monday after reporting Q2 results. The net loss of company stood at Rs 310 crore for the quarter against Rs 559 crore in the corresponding quarter of the last financial year.

However, SpiceJet saw growth of 15 per cent in total revenue compared to last quarter.

Commenting on the report, Sanjiv Kapoor, COO of the company said."We have to do everything possible to increase revenues and make sure we don't fly empty seats around. Second is relentless focus on cost. So, we are working on both but we have achieved a reduction of 45 percent of losses and this is purely on operating basis,"

"The results for Q2FY15 clearly demonstrates the positive impact of SpiceJet's strategy, which is focused on maximizing asset and capacity utilization thereby maximizing revenues and absorbing fixed costs at a faster rate," the company said in the press release.

Shares of the company were seen trading at Rs 13.97, lower by 8.27% at 1.37 pm IST on BSE. SpiceJet is not traded on NSE in the last 30 days.

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