Millennium Post

SpiceJet posts Rs 807 cr loss for March quarter

New Delhi: Budget carrier SpiceJet on Wednesday reported a net loss of Rs 807.1 crore for the fourth quarter ended March 2020, owing to the coronavirus-induced lockdown that led to travel restrictions.

It had posted a net profit of Rs 56.3 crore in the corresponding quarter of the previous financial year, the airline said in a statement. For the full financial year 2019-20, its net loss stood at Rs 934.8 crore as against a net loss of Rs 316.1 crore in 2018-19.

The airline in the statement also informed that its Chief Financial Officer Kiran Koteshwar has resigned and "decided to pursue an exciting opportunity overseas". He will remain with SpiceJet till August 31 and for a transition thereafter, it said.

However, its total income in January-March 2020 rose to Rs 3,057.3 crore, compared with Rs 2,571.8 crore in the year-ago period. For the full financial year 2019-20, the airline's total income also jumped to Rs 13,206 crore, against Rs 9,258 crore in 2018-19.

The company's total expenses during the quarter under review also increased to Rs 3,864.4 crore, against Rs 2,515.5 crore a year ago. In complete 2019-20, it stood at Rs 14,141 crore as compared with Rs 9,510 crore in the previous financial year.

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