Mumbai: Chennai-based low-cost carrier SpiceJet discontinued 26 routes and seven stations, and further reduced capacity on 14 routes, during the financial year 2014, the airline has said in its latest annual report.
The stations discontinued by the airline include Bhopal, Allahabad, Pondicherry, Tiruchirappalli, Guangzhou, Riyadh and Bangkok.
The Kalanithi Maran-controlled airline, which is currently trying to turnaround its operations towards profitability, posted a record loss of Rs 1003.30 crore during FY14, up from Rs 191 crore during the previous fiscal.
After posting several quarters of losses, the airline's total liabilities exceeded its total assets by Rs 1,019.476 crore, as of March 31, 2014, SpiceJet said in its latest annual report. This had led to the auditors of the airline, S R Batliboi and Associates, raising concerns on the airline's ability to continue its functions.
Fresh equity shares in two tranches – 81.68 crore shares and 107.41 crore shares – would be subscribed by the promoters, the annual report said.
SpiceJet, which posted significant losses in three consecutive quarters, including the latest April-June period, will fund its losses through a combination of expected operational cash flow and funding support from promoters, a senior SpiceJet executive had recently told FE.
04/09/14 Financial Exprerss
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The stations discontinued by the airline include Bhopal, Allahabad, Pondicherry, Tiruchirappalli, Guangzhou, Riyadh and Bangkok.
The Kalanithi Maran-controlled airline, which is currently trying to turnaround its operations towards profitability, posted a record loss of Rs 1003.30 crore during FY14, up from Rs 191 crore during the previous fiscal.
After posting several quarters of losses, the airline's total liabilities exceeded its total assets by Rs 1,019.476 crore, as of March 31, 2014, SpiceJet said in its latest annual report. This had led to the auditors of the airline, S R Batliboi and Associates, raising concerns on the airline's ability to continue its functions.
Fresh equity shares in two tranches – 81.68 crore shares and 107.41 crore shares – would be subscribed by the promoters, the annual report said.
SpiceJet, which posted significant losses in three consecutive quarters, including the latest April-June period, will fund its losses through a combination of expected operational cash flow and funding support from promoters, a senior SpiceJet executive had recently told FE.
04/09/14 Financial Exprerss
