SpiceJet, which is facing net loss to £78.9 million in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise $200 million and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. The airline also said that its CFO Sanjeev Taneja has resigned. The low-cost carrier had a net loss of £72.9 million in the quarter ended June 2021.
In ongoing woes for the carrier, aviation regulator DGCA 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.
The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries and like the previous month, "salary will be credited in a graded format".
Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern".
The airline said that in the latest June quarter, the net loss is £42 million, excluding forex adjustment. Total revenue for the reported quarter was £247.8 million as against £126.6 million, a year-on-year growth of 126 per cent, in the same quarter of the previous year. The airline, which had delayed its FY2022 earnings, saw its net loss widen to £45.8 million in the 2022 March quarter from £23.5 million in the year-ago period.
