Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Rupee fall, lower fares hit bottom line
Low-cost airline SpiceJet Ltd. posted a second quarter net loss of Rs. 389.4 crore for the period ended September 30, 2018 on account of fuel price increase, rupee depreciation and lower fares. The firm had posted a net profit of Rs. 105 crore in the year-earlier period. SpiceJet had been recording high seat load factor for the past 42 months. Total income of the firm was Rs. 1,910.3 crore for the reported quarter as against Rs. 1,842 crore in the same quarter last year. Expenses per available seat kilometer (ASKM) increased 25% on account of a 48% increase in ATF prices and 10% increase in exchange rate, the airline said. “While it has been a challenging quarter for the entire industry, SpiceJet has managed to handle the sector headwinds well,” said Ajay Singh, CMD, SpiceJet.
