SpiceJet’s third quarter net loss at Rs.39.26 crore

February 6th, 2012 - 7:33 pm ICT by IANS  

Mumbai, Feb 6 (IANS) Budget carrier SpiceJet Monday reported a net loss of Rs.39.26 crore for the quarter ended Dec 31 from a net profit of Rs.94.44 crore in the like period of 2010-11.

“During the quarter ended Dec 31, 2011, we were able to realise major gains in market share, improve the revenue mix and achieve significant cost savings aided by a relentless drive to boost operational efficiencies,” Neil Mills, chief executive, SpiceJet said.

“But for escalating ATF (aviation turbine fuel) prices and abnormal increase in the US dollar rates the financial performance could have been much better this quarter.”

The company’s auditors in a review report said that accumulated losses has eroded net worth of the company.

“As at Dec, 31, 2011, the company’s accumulated losses of Rs.107,781.3 lakh has substantially eroded the net worth of the company, indicating the existence of a material uncertainty that may cast doubt about the company’s ability to continue as a going concern,” the auditors said.

The airlines’ net sales went up by 40.62 percent in the period under review at Rs.1,153.13 crore from Rs.819.99 crore in the corresponding period of last fiscal.

Total income in the quarter ended Dec 31 grew by 41.46 percent at Rs.1,175.83 crore as compared to Rs.831.18 crore in the like period of 2010-11.

Fuel cost in the quarter under review shot up by 90.15 percent at Rs.592.30 crore from Rs.311.49 crore in the quarter ended Dec 31, 2010.

The company reported a consolidated net loss for the fiscal at Rs.356.59 from a net profit of Rs.159.78 crore in the like period of 2010-11.

The firms total consolidated income for the fiscal grew by 32.64 percent and stood at Rs.2,887.96 crore from Rs.2,177.15 crore in the like period of 2010-11.

The company’s scrip at the Bombay Stock Exchange (BSE) closed the day’s trade down 0.40 percent at Rs.24.60.

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