SpiceJet narrows net loss to Rs1.64bn in Q2

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Indian low-cost carrier SpiceJet narrowed its net loss for the second quarter by 32% to Rs1.64 billion ($29.8 million) from Rs2.4 billion a year ago.

The airline posted a 57% year-on-year rise in revenue to Rs12.1 billion from Rs7.66 billion last year.

The carrier's operating loss narrowed to Rs1.5 billion from Rs 2.33 billion in the same period last year and its total expenses for the quarter increased by 36.4% year on year to Rs13.6 billion.

The carrier recorded 15.9% growth in passenger numbers, against a 20% capacity increase for the quarter ended 30 September, while its load factor declined by 0.9 percentage points to 66.3%.

For the six months ended 30 September, SpiceJet also narrowed its net loss to Rs1.07 billion from Rs3.12 billion a year ago.

Operating loss during the period narrowed to Rs878 million from Rs3 billion a year ago, while its total expenses stood at Rs27.5 billion.