Spicejet cuts full year losses on strong growth

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Indian low-cost carrier Spicejet cut net losses for the full year to 1.9 billion rupees ($34 million) from more than 6 billion rupees the previous year after traffic grew a fifth.

The airline grew revenue for the year to March 2013 from 57 billion rupees from 40 billion rupees at the same stage last year.

It came after the airline cut fourth quarter net losses to 1.9 billion rupees from 2.5 billion rupees.

"The past 12 months have continued to be difficult and the Indian aviation industry witnessed increased cost challenges, particularly relating to airport charges as well as the adverse impact of the weakness of the rupee," says Spicejet chief executive officer Neil Mills. "We continue to be confident of the future as we have launched numerous international routes and this will improve the mix and performance in the future."