Spice Jet

Low-cost carrier SpiceJet reported its second straight quarterly loss on Wednesday, hurt by higher fuel costs and a weaker rupee.

Standalone net loss, which excludes results of units SpiceJet Merchandise and SpiceJet Technic, was Rs 3.89 billion ($53.90 million) in the quarter ended September 30, compared with a profit of Rs 1.05 billion a year earlier. Aircraft fuel expenses climbed 55.8 per cent to Rs 8.45 billion.

A combination of rising oil prices, high fuel taxes, a weak rupee, low fares, and intense competition have slashed profits in the world's fastest-growing aviation market which is clocking 20 per cent annual passenger growth.

Rivals Jet Airways (India) Ltd and InterGlobe Aviation Ltd, which owns the country's largest domestic carrier by market share - IndiGo, also reported losses for the September quarter.

SpiceJet, based in Gurugram, said its results were expected to pick up over the next two-three quarters and that it would take deliveries of 10 Boeing 737 MAX aircraft in September-December.

Shares of SpiceJet were up 3.50 per cent, while the broader Mumbai market was almost flat.