SpiceJet losses narrow in 2QFY2013

SpiceJet revenue up 57% - financial highlights for three months ended 30-Sep-2012:

• Total operating revenue: INR12,070 million (USD219.3 million), +57.5% year-on-year;
• Total costs: INR13,573 million (USD246.6 million), +35.8%;
  • Fuel: INR6402 million (USD116.3 million), +33.9%;
  • Aircraft lease rentals: INR2082 million (USD37.8 million), +51.5%;
• Profit (loss) before tax: (INR1698 million) (USD30.9 million), compared to a loss of INR2401 million (USD43.6 million) in p-c-p;
• Net profit (loss): (INR1635 million) (USD29.7 million), compared to a loss of INR2401 million (USD43.6 million) in p-c-p;
• Passenger numbers: +15.9%;
• Load factor: 66.3%, -0.9 ppt;
• Passenger yield: INR4001 (USD72.7), +37.0%;
• Total assets: INR23,881 million (USD434.0 million), +21.2% when compared to period ended 31-Mar-2012;
• Cash and bank balances: INR2163 million (USD39.3 million), -8.3% when compared to period ended 31-Mar-2012;
• Total liabilities: INR25,414 million (USD461.8 million), +20.0% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average conversion rate at USD1 = INR55.0307 for the period

SpiceJet: "Improved yields coupled with effective cost controls helped the company perform better in what is always a weak quarter for the airline business. Increase in international operations and an improved fleet management helped us deliver the numbers for the quarter," Neil Mills, CEO. Source: Company statement, 12-Nov-2012.