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UPDATE: SpiceJet posts Rs. 240 Cr. loss in Q2 FY 2012 on rising fuel costs

Gurgaon based low fare carrier SpiceJet has posted a loss of Rs. 240 Crore for the second quarter of fiscal 2011~2012, a sharp increase from the Rs. 72 Cr it had posted in the first quarter. The airline had posted a profit for the same quarter last year.

More details shortly

UPDATE: Partial financial results below

We will be doing a full financial analysis of SpiceJet’s results over the weekend, pending the release of further details

  • Revenues grew 21.8% to 766.49 crores
  • Absolute fuel costs were up a whopping 83.3% on 30% capacity growth
  • Carried 28% more passengers
  • 4.8% decrease in passenger yield to Rs 3317
  • Net loss of 240.07 crores, down from a profit of Rs. 10.11 crore in the previous year
  • 40% growth in number of departures
  • Maintenance costs grew 32.6%

*All percent change figures are relative to the same quarter in FY 10-11

About Devesh Agarwal

A electronics and automotive product management, marketing and branding expert, he was awarded a silver medal at the Lockheed Martin innovation competition 2010. He is ranked 6th on Mashable's list of aviation pros on Twitter and in addition to Bangalore Aviation, he has contributed to leading publications like Aviation Week, Conde Nast Traveller India, The Economic Times, and The Mint (a Wall Street Journal content partner). He remains a frequent flier and shares the good, the bad, and the ugly about the Indian aviation industry without fear or favour.

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