Under the new offer, all customers can get a 30% discount on the already discounted 30-day advance purchase base fare and fuel surcharge for SpiceJet domestic flights for travel till April 15.
Low-cost carrier SpiceJet Friday said it will offer a 'second chance' to its customers who book at least 30 days in advance for travel till April 15.
Also Read: SpiceJet, IndiGo, AI cut fares: Will this hurt airlines?
Under the offer, all customers can get a 30% discount on the already discounted 30-day advance purchase base fare and fuel surcharge for SpiceJet domestic flights for travel till April 15, 2014.
The offer will be applicable for travel from Mondays to Thursdays within the applicable period.
"The offers are a win-win for customers and for the airlines since it leads to significant demand stimulation. Customers get to enjoy deeply discounted fares and airlines get to reduce wastage of seats that would otherwise fly empty in low season," said Sanjiv Kapoor, chief operating officer, SpiceJet.
Last week, the airline had cut fares by 50 percent for booking for three days on or before January 23, in a move to improve load factor during the off-season. A minimum of 30 days advance purchase was kept as a must for customers to avail of the discount. This prompted similar offers from rivals Air India and IndiGo.
In an interview to CNBC-TV18 recently, SL Narayanan, Group CFO, Sun Group, had said that he did not expect any impact on margins because of the discounts.
Losses at SpiceJet have been mounting as the company grapples with high fuel price and fierce competition. The company has reported a net loss of Rs 508 crore for the first half of this financial year.
According to Centre for Asia Pacific Aviation (CAPA), the promotional fare plan had come at a time when SpiceJet was desperately looking for investment to fund its expansion plan.
SpiceJet is estimated to need close to USD 200 million to remain operationally viable, while a realistic and meaningful turnaround may require USD 300 million or more, according to CAPA analysis.
SpiceJet stock price
On January 31, 2014, SpiceJet closed at Rs 16.05, up Rs 0.05, or 0.31 percent. The 52-week high of the share was Rs 48.85 and the 52-week low was Rs 15.50.
The latest book value of the company is Rs -3.50 per share. At current value, the price-to-book value of the company was -4.59.
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