SpiceJet slumps to loss; books income on Boeing Max compensation

Indian budget carrier SpiceJet posted a quarterly loss that was wider than consensus as the coronavirus pandemic hit the industry, even after it booked an income based on expected compensation from Boeing Co. for grounded 737 Max jets. The carrier, one of the top buyers of the jets, expects the plane to return to service in the first quarter of 2021. SpiceJet posted a loss of 8b rupees ($106m) in the three months through March, compared with a profit of 562.9m rupees in the same period a year earlier. That included other income of 1.3b rupees related to costs incurred during Boeing 737 Max grounding. Bloomberg consensus was for a loss of 6.79b rupees. The airline has yet to report results for the quarter ending June 30. That is likely to be an even tougher period as the coronavirus took hold in India, prompting the government to suspend all flights for most of April and May. It has since allowed only limited flights with a cap on airfares.<br/>