SpiceJet recorded a loss of ₹38 crore in the quarter ended June due to an increase in fuel prices, fall in rupee and an arbitration amount paid by the airline.
The airline had registered a profit of ₹175.2 crore in the corresponding period last year. SpiceJet earned a total income of ₹2,270 crore in the quarter as compared with ₹1,886.3 crore in the same quarter last year.
Arbitration amount paid
Expenses were ₹2,245.4 crore compared with ₹1,711 crore. However, an arbitration award of ₹63.5 crore, among other factors, led to the airline incurring a loss of ₹38.1 crore.
Income per available seat kilometres (ASKM) grew 6% due to an increase in passenger load factor, average fares and ancillary revenue, according to a statement.
The airline added that operating expenses per ASKM rose 15% on account of a 34% increase in aviation turbine fuel, resulting in fuel expenses rising from ₹279.6 crore in the quarter from ₹230.9 crore a year earlier.
A 4% increase in exchange rate over the past one year also took its toll on the airline’s financials.