SpiceJet Q4 loss widens

India’s second-largest low-cost carrier, SpiceJet, widened its loss to Rs 249 crore for the quarter ended March 31, from Rs 59 crore in the year-ago period, owing to depreciating rupee and high fuel prices.

The carrier, after two consecutive years of profit, ended 2011-12 with a loss of Rs 605 crore, against a net profit of Rs 101 crore in 2010-11 and about Rs 62 crore in 2009-10.

The annual loss worsened the net worth of the airline to Rs -153 crore in 2011-12 from Rs 321 crore in 2010-11, according to BS Research Bureau.

The airline saw a 46 per cent increase in revenue to Rs 1,113 crore in the fourth quarter of 2011-12, compared to Rs 760 crore in the year-ago period.

Though the airline carried less passengers in the fourth quarter, it saw an 18 per cent increase in revenue.

Load factor was at 74 per cent, compared with 81 per cent in the year-ago period.