IndiGo posts sixth straight quarterly loss, hit by COVID-19 travel curbs
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BENGALURU -Interglobe Aviation Ltd, which runs India's biggest airline IndiGo, on Tuesday reported its sixth consecutive quarterly loss, hammered by new restrictions to contain the second wave of COVID-19 infections.
The company's net loss swelled https://www.bseindia.com/xml-data/corpfiling/AttachLive/0708313a-7077-49fe-b140-2c3fb90e3c7f.pdf to 31.79 billion rupees ($426.84 million) in the three months ended June 30, from 28.49 billion rupees a year earlier.
IndiGo has reported losses ever since the pandemic brought global travel to a near-halt and battered airlines worldwide. Just as the airline showed recovery signs last year, the sector was hit by the renewed travel restrictions.
Still, revenue from operations for the June quarter surged 292% to 30.07 billion rupees. During the same period last year, the company's operations came to a near standstill as India went under a lockdown to curb the spread of coronavirus infections.
Capacity for the quarter was up by 433.2% compared to the same period last year, the airline said.
With the number of infections decreasing in India, IndiGo said air traffic has started showing signs of recovery since last week of May but revenue environment remains uncertain.
($1 = 74.4780 Indian rupees)
(Reporting by Chandini Monnappa in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)
