New Delhi: Kalanithi Maran-led KAL Airways Pvt. Ltd may infuse around Rs.200 crore into SpiceJet Ltd as the low-cost airline expands its fleet this fiscal year, chief executive Neil Mills said on Friday.
The carrier announced a loss of Rs.59 crore in the fourth quarter, compared with a profit of Rs.27.45 crore a year earlier, because of rising fuel costs.
But it managed to swing to a record annual profit of Rs.101.15 crore on the back of its strong first three quarters. The six-year-old SpiceJet made its first profit (Rs.61.45 crore) in fiscal 2010.
Quarterly revenue rose to Rs.759 crore from Rs.573 crore.
The carrier needs to raise around $250 million this fiscal to expand its fleet to 43 from 29. Nearly 80% of this fund requirement is already tied up in financing with a Canadian lending agency for Bombardier Q400s, Mills said after the results were announced.
28/05/11 Tarun Shukla/Live Mint
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