Nevrekar
19th Sep 2007, 04:23
SpiceJet posts net loss of Rs 44 cr in June quarter
19 Sep, 2007, 0000 hrs IST, TNN
NEW DELHI: Following a limited review of its financial performance by auditors for the quarter ending June 30, 2007, budget carrier SpiceJet has declared a loss of Rs 44.22 crore.
The company had earlier stated that it had made profits of Rs 18.5 crore for the June-ended quarter. In an announcement to the Bombay Stock Exchange (BSE), the airline said after provisioning for doubtful recovery of security deposits, the interest on outstanding inter-corporate deposit, sundry debtors and receivables and interest expenses, among others, the company would record net losses of Rs 44.22 crore against the declared net profit of Rs 18.5 crore for the quarter.
Other expenses have ballooned from Rs 12.49 crore to Rs 52.69 crore while interest has gone up to Rs 23.53 crore, instead of Rs 0.97 crore as reported.
Speaking to ET, SpiceJet CFO Partha Sarathi Basu said these are part of the company’s annual results and the issues are sub-judice for the past four years. Interestingly, Deccan Aviation too had re-stated its financial performance last year following a limited review by auditors.
19 Sep, 2007, 0000 hrs IST, TNN
NEW DELHI: Following a limited review of its financial performance by auditors for the quarter ending June 30, 2007, budget carrier SpiceJet has declared a loss of Rs 44.22 crore.
The company had earlier stated that it had made profits of Rs 18.5 crore for the June-ended quarter. In an announcement to the Bombay Stock Exchange (BSE), the airline said after provisioning for doubtful recovery of security deposits, the interest on outstanding inter-corporate deposit, sundry debtors and receivables and interest expenses, among others, the company would record net losses of Rs 44.22 crore against the declared net profit of Rs 18.5 crore for the quarter.
Other expenses have ballooned from Rs 12.49 crore to Rs 52.69 crore while interest has gone up to Rs 23.53 crore, instead of Rs 0.97 crore as reported.
Speaking to ET, SpiceJet CFO Partha Sarathi Basu said these are part of the company’s annual results and the issues are sub-judice for the past four years. Interestingly, Deccan Aviation too had re-stated its financial performance last year following a limited review by auditors.