SpiceJet incurs Q1 standalone net loss of 38.06 cr

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Mumbai : Budget passenger carrier SpiceJet on Tuesday reported a standalone net loss of 38.06 crore for the quarter ended June 30, 2018.

The airline had reported a net profit of Rs 1,75.23 crore during the corresponding month of the previous fiscal.

"The company has taken a provision of INR 63.5 crore as an exceptional item on account of an arbitration award that cited interest payable of INR 92.5 crore and interest receivable of INR 29 crore for SpiceJet," the statement said.

"With this one time provision, SpiceJet has now fully provided for the maximum amount that may be payable under the arbitration award."

In addition, SpiceJet accounted Rs 51 crore as forex losses due to the depreciation of the Indian rupee.

According to the low-cost carrier, total income from operations rose by 19.59 per cent to Rs 2,235.82 crore for the quarter ended June 2018 compared to Rs 1,869.53 crore earned during the same period of previous fiscal.

"The company additionally paid an amount of INR 203 crores on account of increase in cost of Aviation Turbine Fuel and an amount of INR 44 crores on account of forex losses as compared to Q1 2017," the statement added.

"A superior revenue performance ensured that an amount of INR 99 crores of these losses was offset by an increase in revenue."