Mumbai: SpiceJet is expanding international operations to improve dollar earnings and offset losses caused by currency rate fluctuations. The company, which posted a Rs 191-crore loss in FY13, has started services to Kabul and Guangzhou, a first for an Indian private airline.
Over the next few months, the airline will be launch flights to Bangkok, Dubai, Sharjah, Dammam (Saudi Arabia) and Riyadh. Bangkok, to be added to SpiceJet’s network in October, will be its 10th foreign destination. International operations accounted for 11 per cent of the revenue. Revenue in dollar terms grew thrice in the past financial year but the gap between foreign exchange earnings and expense is wide. In FY13 SpiceJet’s dollar earning rose to Rs 179 crore from Rs 59 crore in the previous year; simultaneously, the dollar expense also rose to Rs 1,511 crore in the past financial year against Rs 1,130 crore in the previous year.
Read news in full 09/10/13 Aneesh Phadnis/Business Standard
Sunday, 13 October 2013
From Kabul to Guangzhou, SpiceJet to fly in search of more dollars
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