SpiceJet's fiscal net loss declines, reports Q4 profits

Budget passenger carrier SpiceJet on Thursday reported a decline in its net loss for the fiscal and showed signs of revival with healthy numbers coming in for the fourth quarter.

The net loss for 2014-15 stood at Rs.687.05 crore from Rs.1,003.24 crore during the previous financial year.

The company's total income for the year ended March 31, 2015 fell by 17.49 percent and stood at Rs.5,201.52 crore from Rs.6,304.23 crore in the corresponding previous fiscal.

The company's total expenditure during the fiscal under review declined by 18.03 percent at Rs.5,986.37 crore from Rs.7,303.68 crore during 2013-14.

Expenditure-wise, fuel cost which constitutes nearly 45-50 percent of the total operating cost fell by 25.91 percent at Rs.2,409.62 crore from Rs.3,252.66 crore in the corresponding previous fiscal.

Aircraft rentals which forms another major cost element decreased by 17.92 percent at Rs.864.38 crore from Rs.1,053.17 crore during 2013-14.

The company had gone through major financial turbulence since late last year. The airline's fleet size late last year stood at 55 before a financial crises lead it to truncate it.

Currently, the fleet size stands at 35 which comprises 20 Boeing aircraft and 15 Bombardier Q400s.

The company's erstwhile promoter Kalanithi Maran and KAL Airways, in December 2014, made it clear that no fresh bailout package could be put together for the airline in which nearly $400 million or Rs.2,500 crore has been invested since 2010.

On February 24, the airline's ownership was transferred to Ajay Singh from erstwhile promoter Kalanithi Maran and KAL Airways.

This is Ajay Singh's second innings with the airlines which he co-founded with Bhupendra Kansagra in 2005. However, he sold his stake along with Kansagra and assets buyout specialist Wilbur Ross in 2010 to Sun Group's Maran.

Meanwhile, the company reported healthy fourth quarter results citing the benefit of renegotiated contracts, settlements, provisioning for re-delivery of expenses, and a net gain on an insurance claim.

The company's net profit during the fourth quarter of 2014-15 stood at Rs.22.5 crore from a net loss of Rs.321.51 crore.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) stood in the positive zone. It was positive Rs.80 crore, against a negative Rs.235 crore the previous year.