SpiceJet Incurred A Loss Of 789 Crores In Second Quarter

The country's private sector airline SpiceJet is not able to recover from the loss, and the company's loss continues. SpiceJet has reported a net loss of Rs 789 crore (Rs 420 crore excluding foreign exchange adjustment) for the quarter of June 30, 2022. Due to this, the airline had a net loss of Rs 729 crore in the same quarter in the previous financial year.

The airline gave this information by issuing a statement on Wednesday. The company in its statement said that its business record has been severely affected due to rising fuel prices and the depreciating rupee. SpiceJet Chairman and MD Ajay Singh gave his reaction on this situation of the company. He said that the continuous rise in aviation fuel prices and depreciation of the rupee has mainly affected the financial health of SpiceJet.

Ajay Singh, MD of the company said, "Despite the extremely difficult operating environment at present and the highest ever cost, we are optimistic about our future and the continuous improvement of the company's condition. It is worth noting that SpiceJet Airlines has been making losses for the last four years. It reported a net loss of Rs 316 crore, Rs 934 crore, and Rs 998 crore in 2018-19, 2019-20 and 2020-21 respectively. After this, it had a net loss of Rs 1,248 crore during April-December 2021. According to Ajay Singh, the third quarter of FY2022 had seen the industry experience one of the most challenging operating environments in recent memory, which had an influence on the progress and recovery.