SpiceJet declares a loss of Rs 129.2 crore for the first quarter of 2008-09

Spicejet AirlinesSpiceJet, a low-cost airline based in New Delhi, has registered a first-quarter loss of Rs 129.2 crore due to higher fuel prices, compared to net profit of Rs 18 crore a year earlier.

The consolidated figure included a loss of Rs 27.2 crore on account of exchange rates impacting the foreign currency convertible bonds (FCCBs) worth US$ 80 million.

The net figure, excluding the loss on foreign exchange, was Rs 102 crore. Last year, the company registered profit worth Rs 18 crore on account of foreign exchange.

According to the company, fuel cost surged to Rs 310.2 crore in the three months ended June 30 compared with Rs 133.7 crore a year earlier, accounting for 53% and 46% of its total expenditure, respectively.

Apart from the fuel bills, a climb in aircraft lease rental charges also took the airline deeper into the red. Lease rentals in the quarter rose 65% to Rs 82.5 crore.

However, SpiceJet made a profit of Rs 8.6 crore on sale and leaseback of one aircraft in this quarter.