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SpiceJet's financial results deferred

Delay because of a ransomware attack on its IT systems
In a regulatory filing, SpiceJet said it has postponed its board meeting on May 30 to consider and approve the company’s results to a later date.
In a regulatory filing, SpiceJet said it has postponed its board meeting on May 30 to consider and approve the company’s results to a later date.
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Our Special Correspondent   |   New Delhi   |   Published 28.05.22, 01:12 AM

SpiceJet on Friday said the announcement of its audited standalone and consolidated financial results for the quarter and financial year ended March 31 will get delayed because of a ransomware attack on its IT systems.

In a regulatory filing, SpiceJet said it has postponed its board meeting on May 30 to consider and approve the company’s results to a later date.

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“We wish to inform you that we are expecting a delay in submission of audited standalone and consolidated financial results with stock exchange... due to ransomware attack on our IT systems which has affected the completion of the audit process within the stipulated time,” the filing added.

“The company is taking corrective measures with the assistance of cyber experts and authorities on the issue,” the airline said.

Earlier this week, the airline said it has faced a ransomware attack that impacted flight operations.

While SpiceJet’s IT team has to a large extent contained and rectified the situation, this has had a cascading effect on its flights, it said.

Jet loss at Rs 233 crore

Jet Airways, which remains grounded for over two years, reported a standalone net loss of Rs 233.63 crore for the three months ended March.

The full service carrier had a standalone net loss of Rs 107.01 crore in the year-ago period, according to a regulatory filing.

Total income stood at Rs 11.63 crore in the March quarter compared with Rs 17.73 crore in the year-ago period.

Currently, the airline is being managed by a monitoring committee.

“The monitoring committee is not in a position to provide the consolidated financial results as the subsidiaries of the company are separate legal entities, also currently non-operational and the team is facing huge difficulty in obtaining relevant data from the said subsidiaries,” the filing said.

The Jalan-Kalrock consortium, which won the bid for the airline under the insolvency resolution process, has revalidated its air operator certificate by DGCA and plans to take to the skies in the July-September quarter.



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