Mumbai: Budget carrier SpiceJet's auditors have raised concerns about its ability to stay afloat as its operating losses have completely eroded its net worth.
In its latest annual report, the airline's auditors SR Batliboi & Associates LLP said "The appropriateness of the going concern assumption is dependent on the company's ability to establish consistent profitable operations as well as raising adequate finance to meet its short-term and long-term obligations." Neither the airline nor its auditors gave the quantum of losses.
The airline in its response to the report said its losses are 50% higher than its net worth. Spice-Jet posted a net loss of Rs 192 crore for the year ended March 31, down from Rs 605.8 crore a year earlier.
28/09/13 Economic Times
To Read the News in full at Source, Click the Headline
In its latest annual report, the airline's auditors SR Batliboi & Associates LLP said "The appropriateness of the going concern assumption is dependent on the company's ability to establish consistent profitable operations as well as raising adequate finance to meet its short-term and long-term obligations." Neither the airline nor its auditors gave the quantum of losses.
The airline in its response to the report said its losses are 50% higher than its net worth. Spice-Jet posted a net loss of Rs 192 crore for the year ended March 31, down from Rs 605.8 crore a year earlier.
28/09/13 Economic Times
