SpiceJet halved its net loss to Rs 57 crore in the third quarter ended December 31, 2020 from a loss of Rs 112.6 crore in the preceding second quarter due to an increase in operations. The airline’s total income stood at Rs 1,907 crore in the quarter under consideration as against Rs 1,305 crore in the September quarter, the airline said in a regulatory filing to the stock exchanges.
On an EBITDA basis, SpiceJet achieved a profit of Rs 451.4 crore for the third quarter as against Rs 442 crore in the second quarter.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway, I see a strong revival across sectors.”
Passenger revenue improved by 73 per cent on a quarter-on-quarter basis through charters, aggressive network and sales strategies.
The airline operated at 72 per cent of the pre-Covid schedule. It operated 329 flights per day and managed a fleet of 19 cargo planes including five wide-body aircraft
SpiceJet also entered into a partnership with Brussels Airport, Adani Ahmedabad International Airport, GMR Hyderabad Air Cargo for transporting Covid-19 vaccines.
The shares of SpiceJet ended 1.1 per cent higher at Rs 87.85 on the BSE as against a flat closing on the benchmark indices.