IndiGo posts first quarterly loss since listing
IndiGo’s parent company InterGlobe Aviation Ltd posted its first quarterly loss since going public three years ago.
Higher fuel costs allied to a weaker Indian rupee pushed up costs higher, it said.
It has become a real struggle for the industry as a whole in India.
Despite soaring demand, fares have remained low due to intense competition.
IndiGo is the only domestic carrier that has managed to post positive results consistently over the past few years.
State-owned Air India and Jet Airways have been struggling to pay salaries on time.
"Aviation in India is facing significant pressures from high fuel costs, rupee depreciation and intense competition, all of which have impacted our profitability this quarter," CEO Rahul Bhatia said.
Overall revenue was up but InterGlobe posted a loss of INR6.52 billion (US$89.1 million) for the quarter ending September 30.
Total operating expenses soared nearly 60%, led by fuel costs rising by a massive 84.3%.
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