IndiGo reports biggest quarterly loss, cuts expansion targets
IndiGo reported its biggest ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation’s net loss grew to INR10.66b (US$150m) in the 3 months to Sept 30 from INR6.52b a year earlier, the only other instance that the airline reported a quarterly loss. Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, CFO Aditya Pande said. The results come against the backdrop of an escalating tussle between IndiGo co-founders and top 2 shareholders Rakesh Gangwal and Rahul Bhatia. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-10-25/unaligned/indigo-reports-biggest-quarterly-loss-cuts-expansion-targets
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IndiGo reports biggest quarterly loss, cuts expansion targets
IndiGo reported its biggest ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation’s net loss grew to INR10.66b (US$150m) in the 3 months to Sept 30 from INR6.52b a year earlier, the only other instance that the airline reported a quarterly loss. Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, CFO Aditya Pande said. The results come against the backdrop of an escalating tussle between IndiGo co-founders and top 2 shareholders Rakesh Gangwal and Rahul Bhatia. <br/>
