SpiceJet CFO quits amid mounting losses

Tribune News Service

New Delhi, August 31

Budget carrier SpiceJet’s Chief Financial Officer Sanjeev Taneja has resigned amid widening losses and a series of mid-air incidents.

The airline on Wednesday reported a widening of net loss to Rs 789 crore for the three months ended June. It had a net loss of Rs 729 crore in the quarter ended June 2021.

“Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year,” the airline said. For the quarter ended March 2022, the airline posted a net loss of Rs 458 crore. In the year-ago period, it had a net loss of Rs 235.3 crore.

SpiceJet said it would raise funds up to $200 million. Some banks have raised concerns about loans to the carrier.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “The industry has been witness to one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY22. Record high ATF prices and depreciating rupee were the major contributors. Despite the complex operating environment and highest ever input costs, SpiceJet has been able to sustain its operations.

Loss widens to Rs 789 cr in June qtr

• The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021
• Revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126%, in the same quarter of the previous year
• The airline saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period

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