SpiceJet has reported a sharply higher net loss during the second quarter of the current fiscal at Rs 559 crore, up 240 per cent over the corresponding quarter last fiscal, largely on account of a weak rupee and surging fuel prices. The airline had posted a loss of Rs 164 crore during the same period during the last financial year.
“The civil aviation sector in India continues to struggle under the burden of several adversities, mainly the Indian rupee that saw unprecedented weakness during the quarter,” said a release from Kalanithi Maran-promoted SpiceJet. The airline added that the approximate impact of currency depreciation, despite a hedging programme, was around 42 crore during the quarter ended September 30, 2013.
During the quarter under review, jet fuel prices were 2 per cent higher than during the same quarter last year. Fuel costs now constitute 56 per cent of the total operational cost of the airline, which is a 2 percentage point increase as compared to the same period last year.
SpiceJet saw its passenger traffic grow by 9 per cent and revenues growing up by 6 per cent. The increase in revenues were countered by a whopping 32 per cent increase in total expenses over the same quarter last year.
The airline also saw its passenger yield decrease 7 per cent during the quarter.
Tech Mahindra profit up 57.6%
Mumbai: Tech Mahindra has reported a 57.6 per cent jump in consolidated net profit at Rs 718.4 crore in the three months to September, boosted by higher demand for outsourcing services from across the geographies and verticals. Consolidated revenue rose 35.4 per cent to Rs 4,771.5 crore in Q2, while on a sequential basis, it grew 16.3 per cent to Rs 4,103.2 crore from Q1.
United Breweries net loss at Rs 19 cr
New Delhi: United Breweries has reported a net loss of Rs 18.57 crore for the second quarter ended September 30, 2013. The company had posted a net profit of Rs 34.20 crore during the same period of previous fiscal. Net sales of the company declined to Rs 752.20 crore during Q2 against Rs 781.14 crore in the same