New Delhi: Low-cost carrier (LCC) SpiceJet has posted its highest ever annual loss of Rs 1,003.2 crore in the financial year 2013-14 up five times from Rs 191 crore in the previous fiscal. The LCC's auditor has said this loss along with SpiceJet's total liabilities exceeding its assets by Rs 1,019.5 crore on March 31, 2014, "indicate the existence of a material uncertainty regarding the company's ability to continue as a going concern".
What's more, the auditor, S R Batliboi and Associates, the FY 2013-14 loss figure would have been up by another Rs 7.5 crore had SpiceJet made provision for interest of a like amount on outstanding inter-corporate deposits taken by it in the past. In the quarter ended March 31, 2014, SpiceJet lost Rs 321.5 crore.
The airline said in a statement: "The year ended March 31, 2014, was perhaps the most challenging period in Indian aviation history. The sharp depreciation of the Rupee during the quarter ended September 30, 2013, was unprecedented. Given the fact that over 75% of any Indian airline's cost is influenced by $, the effects of the exchange rates on a broad spectrum of cost heads were crippling."
18/05/14 Saurabh Sinha/Times of India
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What's more, the auditor, S R Batliboi and Associates, the FY 2013-14 loss figure would have been up by another Rs 7.5 crore had SpiceJet made provision for interest of a like amount on outstanding inter-corporate deposits taken by it in the past. In the quarter ended March 31, 2014, SpiceJet lost Rs 321.5 crore.
The airline said in a statement: "The year ended March 31, 2014, was perhaps the most challenging period in Indian aviation history. The sharp depreciation of the Rupee during the quarter ended September 30, 2013, was unprecedented. Given the fact that over 75% of any Indian airline's cost is influenced by $, the effects of the exchange rates on a broad spectrum of cost heads were crippling."
18/05/14 Saurabh Sinha/Times of India
