SpiceJet posts Rs 240-cr loss in Q2

Budget airline SpiceJet today reported a loss of Rs 240 crore for the second quarter of the fiscal, on spiralling fuel prices and a weakening rupee.

During the quarter ended September 30, 2010, SpicJet had a net profit of Rs 10 crore.

"The traditionally weak July-September quarter was made more challenging this year by high fuel prices, depreciating rupee and an irrational pricing environment," airline's CEO Neil Mills said in a statement.

The airline further said that aircraft fuel expenses were 83% higher than same period last year and fuel cost constituted 63% of the total revenue in the current quarter as compared to 43% in the comparable quarter for the previous year.

 

Shares of SpiceJet closed at Rs 24.30, up 3.62% on the BSE.