InterGlobe Aviation, the owner of India’s largest airline IndiGo, on Wednesday reported a net loss of Rs 652 crore for the quarter ended September (Q2) 2018, compared to a net profit of Rs 551.60 crore in the corresponding period last year, due to higher fuel prices and a falling rupee.

The company’s net revenue increased 17% to Rs 6,185.31 crore during the quarter, compared to Rs 5,290.98 crore in the same quarter last year.

During the quarter, the company’s fuel cost increased nearly 84.3% to Rs 3,035.5 crore, compared to Rs 1,647.30 crore in the same quarter last year.

“Aviation in India is facing significant pressures from high fuel costs, rupee depreciation and intense competition, all of which have impacted our profitability this quarter. Despite the difficult environment, IndiGo remains well-positioned thanks to our low-cost structure and strong balance sheet,” said the company’s co-founder and interim CEO, Rahul Bhatia, in a statement.

The large net loss during the quarter has resulted in IndiGo remaining in the red for the first half of the 2018-19 fiscal year. According to the numbers released by the airline, it had a net loss of Rs 624.3 crore for the first six months of the 2018-19 financial year. In the same period last year, it had a net profit of Rs 1,362.7 crore.

For the first half of the financial year, the airline’s net revenue stood at Rs13,332.53 crore, compared Rs11,461 crore, an increase of 16.3%.

The airline has not posted a net loss for a full financial year for nearly a decade.

The results were announced after the market hours. InterGlobe Aviation’s shares closed nearly flat at Rs817.1 on the BSE on Wednesday.

Follow us on Facebook, Twitter & YouTube to never miss an update from Fortune India. To buy a copy, visit Amazon.