SpiceJet loss worsens negative worth

SpiceJet on Wednesday reported a net loss of ₹ 105.6 crore for the quarter ended September, resulting in the worsening of its negative worth to ₹ 2,286.6 crore. Its auditors warned that its losses would have been more than double had the airline not included compensation sought from Boeing for the grounding of its 13 737 MAX aircraft, but regarding which there was no certainty.

While the airline’s revenues declined 62.9% from a year earlier, it was also able to tighten its operational expenses and employee costs. The carrier said it was currently operating at 52% of its pre-COVID schedule and that the seat occupancy on its aircraft was at 73% on an average. Almost 30% of its passenger revenue came from charter services.

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