The Kalanithi Maran-owned SpiceJet Ltd has appointed consulting firm Bain and Co. to restructure the airline’s network and return it to profitability after losses at the budget airline have mounted over the past few quarters.
SpiceJet posted a record loss of Rs.559 crore in quarter ended 30 September because of the rupee’s depreciation, high fuel prices and lean travel months.
The company posted a loss of Rs.163.52 crore in the year-ago quarter. The number, though, was still lower than larger rival Jet Airways (India) Ltd’s record loss of nearly Rs.1,000 crore.
SpiceJet’s revenue stayed almost flat at Rs.1,257 crore (Rs.1,207 crore in the year-ago quarter), although it fell sharply from Rs.1,701 crore in the preceding three months partly because it sent aircraft on a short-term lease to a Prague-based travel firm.
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