Low cost carrier Spicejet increased its net losses by 421 per cent at Rs 197.54 crore for the quarter ended September 30, 2008 as compared to Rs 37.70 crore in the corresponding period last year.
However, the sales for the quarter recorded a growth at Rs 340 crore increased by 53 per cent over the corresponding quarters in the last year at Rs 222.71 crore.
The increase in losses can be attributed to the increase in aircraft fuel costs and the volatility in the foreign exchange markets.
During the quarter aircraft fuel costs at Rs 253.24 crore increased by 80 per cent as compared to the corresponding quarter in the last year, where the costs amounted to Rs 140.23 crore. The losses from foreign exchange fluctuations amounted to Rs 48.45 crore.
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