SpiceJet net loss cuts down to Rs 112.6 crore against Rs 462.6 crore in the same period last year, the company said in a BSE filing. Total income in Q2 swooped down to Rs 1,305 crore against Rs 3,074 crore in the same quarter last year. For the same comparative period, expenses were placed at Rs 1,418 crore against Rs 3,536 crore last year. Shares of SpiceJet boosted up 0.56% to Rs 54.30 on BSE.
Revenue from cargo climbed up by 39% in Q2 FY21 over Q1 FY20. With respect to operational parameters, SpiceJet had the best domestic passenger load factor of 73.1% amongst all airlines in the country during the quarter. The company’s capacity (in terms of seat kilometre for passenger segment) contracted by 71% in Q2 September 2020 as compared to the same quarter last year, due to social distancing norms to be observed with respect to COVID-19 regulations.
Ajay Singh, the chairman and managing director (MD) of SpiceJet said, “Despite COVID-19 continuing to pose serious operating challenges we have managed to significantly cut down our net loss in Q2 much like the previous quarter. The performance in Q2 is even more significant and special as this was a seasonally weak quarter when demand is at its lowest. Our Company and people have done some amazing work and I am proud of the determination and resilience they have shown.”
He further said, “Going forward, as our cargo business continues to expand, passenger demand further improves, travel restrictions are eased and the 737 MAX returns to service we hope the recovery will be much quicker and stronger. Though COVID‐19 cases continue to rise, I believe the worst is behind us. The pandemic gave us the unprecedented opportunity to further cut down on costs and restructure our contracts and aircraft leases to align with the current operating environment while at the same time operating the full schedule as was permitted. What we have managed to do in the last few months will have a significant long-term impact.”
Spicejet welcomed Sanjeev Taneja as its new CFO and flew more than 9,930 cargo flights transporting 76,500 tonnes of cargo since 25 March 2020.