News
SpiceJet records US$216.7 million annual loss
September 1st 2022
India’s SpiceJet has reported a 17.2 billion rupee (US$216.7 million) net loss for the 12 months to March 31 against a net loss of 10 billion rupee in the previous year. Read More » Revenue was up 26.8%, to 76.1 billion rupee, SpiceJet said in a regulatory filing to India's BSE stock exchange. Costs were 32.3% higher, at 92.6 billion rupee. “In the recent past, the industry has been witness to one of its most severe operating environments, impacting the progress and recovery of Q3 in fiscal 2022,” SpiceJet chairman and managing director, Ajay Singh, said. Record high fuel prices and a depreciating rupee were major contributors to the losses, he added.
Publication of SpiceJet's fiscal 2022 financial report was delayed due to a ransomware attack on the company's systems in May.
SpiceJet also has reported a net loss of 7.8 billion rupee for the three months to June 30 compared with a 7.3 billion rupee net loss in the same months a year ago. Revenue for the quarter improved 91%, to 24.7 billion rupee. “Last year was a period of restructuring and settlements. We successfully completed and implemented resolutions with most of our major partners, including manufacturers and lessors, setting the stage for our seamless growth and expansion,” Singh said. “As we move ahead, we are encouraged by strong travel demand. Our focus for the next year will be inducting more fuel efficient 737 MAX 8s into our fleet and concentrating on our regional and international routes.”
