SpiceJet posts Rs 600.5 cr loss for June quarter

Budget carrier SpiceJet on Tuesday reported a net loss of Rs 600.5 crore for the first quarter ended June 30, owing to the suspension of flight operations due to the coronavirus-induced lockdown.

It had posted a net profit of Rs 262.8 crore in the corresponding period of the previous financial year.

The airline's operating revenue stood at Rs 521 crore in the first quarter of 2020-21, significantly lower as against Rs 3,002.8 crore a year ago, it said in a statement.

Operating expenses during the June 2020 quarter were Rs 1,311.6 crore, compared to Rs 2,886.7 crore in the year-ago period.

SpiceJet Chairman and Managing Director Ajay Singh said, "Flight operations were suspended for the most part of the (first) quarter, and the partial resumption of flights initially and weak demand thereafter were a reminder of the significant problems that this pandemic has resulted in."

In July, the country's largest airline IndiGo declared a net loss of Rs 2,884.3 crore for the first quarter of 2020-21.

Scheduled domestic flight services were suspended in India from March 25 to May 24 due to the lockdown. The domestic flights resumed from May 25 but in a curtailed manner.

Scheduled international flights have been suspended in India since March 23 due to the coronavirus-triggered lockdown. However, special international passenger flights have been operating in India under the Vande Bharat Mission since May and under bilateral air bubble arrangements formed between India and other countries since July.