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India’s SpiceJet narrows annual losses to US$181 million
August 15th 2023
SpiceJet has reported a net loss of 15 billion rupee (US$181 million) for the 12 months to June 30 compared with a 17.3 billion rupee net loss in the year ago period. Read More » Operating revenue improved by 35.3%, to 89 billion rupee, SpiceJet said in a regulatory filing. The LCC added it booked a 2.1 billion rupee net profit for the final quarter of fiscal 2022-2023. The latest quarterly result marks a return to the black for the Mumbai-based LCC following a net loss of 7.9 billion rupee in the matching months a year ago. “I am happy, despite facing multiple challenges, that we have posted a profit in our first quarter of 2024,” SpiceJet chair, Ajay Singh, said. “Our team’s relentless efforts and dedication and the support of our valued customers have been pivotal in this success. We remain focused on adapting to the changing landscape of the aviation industry by identifying and seizing opportunities and steering our airline to greater heights.”
