Budget carrier Spicejet on Wednesday reported a standalone net loss of Rs 57 crore for the quarter ended December 2020.
On a sequential basis, the airline was able to halve its net loss to Rs 57 crore in Q3FY21 from Rs 112.6 crore reported for Q2FY21.
The company had reported a net profit of Rs 73.22 crore during the quarter ended December 2019.
In a statement, the company said that its total income during the third quarter of FY21 rose to Rs 1,907 crore from Rs 1,305 crore in Q2FY21.
“With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter,” SpiceJet Chairman and Managing Director Ajay Singh said.
“There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway, I see a strong revival across sectors. Our results are reflective of the massive exercise being undertaken by the company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry.”
According to the statement, SpiceJet continues to engage with Boeing to recover damages incurred by the company due to the grounding of the MAX and the re-induction of these aircraft in the fleet.