SpiceJet reports $20.4 mln Q1 net loss; fourth consecutive quarterly loss

NEW DELHI (Reuters) - Low-cost carrier SpiceJet Ltd reported a fourth straight quarterly loss, hurt by the high costs and low fares weighing on most airlines in Asia's third-largest economy.

SpiceJet, the country's fourth-biggest airline by local market share said on Thursday it made a 1.24 billion rupee ($20.41 million) net loss in its first-quarter, against a net profit of 505.6 million rupees in the same April-June period last year.

Like most Indian airlines, SpiceJet is losing money because of fierce competition for passengers in its home market and high operating costs.

The airline, whose shares have lost a third of their value in 2014, said in May it was in advanced talks with an investor to get fresh funding, but the company is yet to provide more details of the talks.

 

Indian carriers lost a combined $1.77 billion last year, and are expected to lose another $1.3 to $1.4 billion this year, according to industry consultancy CAPA, due to intense competition.

($1= 60.7600 rupees)

(Reporting by Neha Dasgupta and Tommy Wilkes; Editing by Miral Fahmy)