SpiceJet, on Friday, said its net loss narrowed to Rs.185.70 crore in the fourth quarter ended March 31, 2013, from Rs.249 crore in the year -ago period, driven by higher passenger traffic.

Revenues for the quarter under review increased by 31 per cent to Rs.1,455.70 crore from Rs.1,113 crore in same quarter in 2011-12.

“The continued weakness of the rupee, high fuel prices and significant tax burden continued to hurt the entire domestic aviation sector. However, SpiceJet was able to successfully grow passenger traffic by around 20 per cent, outperforming the domestic industry passenger growth,” the company said in a statement. It, however, added that the increase in fares was inadequate to fully absorb the impact of higher costs of operation.

For the entire fiscal, the Chennai-based carrier posted a net loss of Rs.191 crore, against a net loss of Rs.605.70 crore in the previous fiscal. Revenue during the year stood at Rs.5,714.5 crore, up from Rs.3,997.90 crore in 2011-12.

“The past 12 months have continued to be difficult, and the domestic aviation industry witnessed increasing cost challenges, particularly relating to airport charges as well as the adverse impact of the weakness of the rupee,” the airline’s Chief Executive Officer Neil Mills said.

“We continue to be confident of the future, particularly as we have launched numerous international routes, and this will improve the mix and performance in the future,” he added.

The airline said it had managed to increase its market share to 20.4 per cent in March, 2013, from 17.1 per cent in March 2012. Its average passenger yields rose 8 per cent during the quarter to Rs.3,739 from Rs.3,460 in the same period last year..

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