SpiceJet has reported a consolidated net loss of $104 million in Q3, 2022. The airline reported a net loss of INR 5610 million last year.
“Total revenue for the reported quarter was INR 21.04bn as against INR 15.38bn in the same quarter of the previous year. For the same comparative period, operating expenses were INR 29.42bn as against INR 21.00.4bn,” the airline said in a statement
Commenting on the losses CMD Ajay Singh said: “The airline had completed a series of settlements, which along with its upcoming hive-off of the cargo arm, would help improve operations. The government’s Extended Credit Line Guarantee Scheme of INR 15bn for the airline is an indication of government support for stability in the sector.”
Out of the total loss, INR 2.6bn in losses was due to foreign exchange currency loss, the airline added.
The company reported the industry’s highest load factor of 85% for domestic scheduled flights, an improvement of 8% compared to the same quarter last year SpiceJet said that it has increased its number of flights by 30%.
SpiceXpress, SpiceJet’s cargo arm has reported a profit of INR 0.21bn in the September 2022 quarter.