SpiceJet misses street expectations as it posts Rs 461 crore loss in Q2

Low-cost carrier SpiceJet on Wednesday reported a net loss of Rs 461.2 crore versus a loss of Rs 382.7 crore compared year on year.

The loss is worse than what the street had expected. An Edelweiss report had forecast a loss of Rs 312 crore.

The airline reported a 51.8 percent hike in revenue at Rs 2,848 crore versus Rs 1,876.6 crore, compared for the same period last year.

In a release to exchanges, SpiceJet has said that the loss in the second quarter is on account of inflated costs with respect to MAX grounding and a seasonally weak quarter.

The airline has further said that the likely return to service of the MAX in January 2020 will boost their balance sheets.

"Likely return to service of the MAX in January 2020, as indicated by

Boeing, to be a big boost that will add new fuel and operationally efficient

aircraft in Q4 FY2020," the statement reads.

The company plans to enhance passenger capacity by inducting aircraft on short term leases in the ongoing winter schedule. The current fleet size as of September 30 is 113.

It is not all glum reading. The airline has registered a record domestic load factor of 92.6 percent and claims to have clocked 90 percent plus PLF (passenger load factor) for a record 53 successive months.