NEW DELHI: Low-cost carrier SpiceJet on Friday posted a net loss of Rs 59 crore for the last quarter of 2010-11 fiscal due to high jet fuel prices.
The company had reported a net profit of Rs 27 crore during the corresponding period of 2009-10.
"One of the main reasons which affected our operations was fuel costs, which accounted for about 52 per cent of total costs during the quarter," SpiceJet CEO Neil Mills said.
Total revenues of the company, however, grew by 32.51% to Rs 758 crore during the quarter vis-a-vis Rs 572 crore reported during the corresponding quarter of FY10, he said.
For 2010-11 financial year, net profit jumped by 64.63% to Rs 101.15 crore compared to a net profit of Rs 61.44 crore in FY10. Total income rose by over 33% to Rs 2,934.38 crore in FY11 compared to Rs 2,202.40 crore of 2009-10. "We are pleased with our results. Despite higher fuel costs in the last quarter and irrational behaviour on pricing front by the competitors, we have managed to keep costs under control. We have, in fact, outperformed the industry during the year," Mills said.
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