In the middle of an ownership change, budget airline SpiceJet on Thursday reported a steep 59% rise in its third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.
In the middle of an ownership change, budget airline SpiceJet on Thursday reported a steep 59% rise in its third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.
The cash-strapped airline was forced to ground flights for some days during the quarter after its vendors refused to offer credit. This resulted in the airline witnessing a 31% decline in capacity, while revenue fell 27% to Rs 1,300 crore, from Rs 1,769 crore in the year-ago quarter.
The net loss has widened from Rs 173 crore during the September-December 2013 quarter, said the airline whose co-founder Ajay Singh has returned as its promoter after buying stake from the Maran family.
The finance cost of the airline also went up sharply to over Rs 47 crore in the quarter ended December 31, 2014, from a little over Rs 30 crore in the year-ago period, while the airline had to bear one-off and exceptional expenses totalling Rs 295 crore in the latest three-month period.
The passenger revenue was down 28%, while ancillary revenues fell by 20%. However the load factor was up 18%, taking the total RASK (revenue per available seat km) up 5%. Still, the airline's revenue per kilometre slipped 12% due to cancellations and clubbing of flights that resulted in less capacity available to sell at high yield in peak season.
Total CASK (cost per available seat km) rose 16%, while fuel cost came down by 14%, but non-fuel CASK rose 42% due to one-offs and exceptional costs, and unabsorbed fixed costs and overheads over 31% which reduced capacity.
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