SpiceJet loss soars, CFO quits
India’s low-cost carrier SpiceJet Ltd said on Wednesday that chief financial officer Sanjeev Taneja had resigned amid widening losses and a series of mid-air incidents.
The airline on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier.
The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment.
Amid the financial turmoil, the airline plans to raise $200 million, which is around Rs 1,600 crore at current exchange rates.
Some banks have raised concerns about loans to the carrier. SpiceJet expects to hive off its profitable cargo business into a separate company in the current quarter.
“Total revenue for the reported quarter was Rs 2,478 crore against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year,” the airline said in a release.
The airline, which had delayed its March quarter andFY2022 earnings, saw its net loss widen to Rs 458 crore in the March quarter from Rs235.3 crore a year ago.
Aviation regulator DGCA on Wednesday deregistered two more Boeing 737 planes of SpiceJet following non-payment of dues to lessors.
With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August.
Boeing 737-800 aircraft VTSPU and Boeing 737-900ERaircraft VT-SGQ have been deregistered on August 31, according to a senior official at the Directorate General of Civil Aviation (DGCA).