SpiceJet loss rises 5-fold to Rs 198 crore

Delhi-based low-cost carrier SpiceJet’s losses, including foreign exchange losses, widened more than five times for the quarter ended September, 2008, to Rs 198 crore, compared to a loss of Rs 38 crore in the same quarter last year.

The losses included a loss of Rs 48 crore on account of restatement of forex debt. The net loss, excluding the foreign exchange loss, stood at Rs 150 crore.

Sanjay Aggarwal, the newly-appointed CEO said, “Given our volatile times, managing cost effectively is intrinsic to the success of any business. At SpiceJet, all our efforts remain focused on controlling our costs and to pass on the benefit to our passengers.”