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Gurugram based Indian flyer SpiceJet released their first quarterly report for the current financial year with a net loss of Rs. 38 crores after a year earlier profit of Rs. 175.2 crores. This is their first quarterly loss the last three and a half year period.
The total revenue in the quarter under review grew by 20% to Rs. 2271 crores, as compared to Rs. 1886 crores in the same quarter of the previous year. The total expenses for the company stood at Rs. 2245 crores as against Rs. 1711 crores that occurred in the same quarter of the previous fiscal year.
SpiceJet released a statement in which it described that the company had taken a provision for 63.5 crores as an exceptional item on account of an arbitration award that cited interest payable of Rs. 92.5 crores and interest receivable of 29 crores. The airline also incurred a net loss of Rs. 51 crores due to fluctuations in Foreign Exchange.
