New Delhi: Auditors of financially struggling SpiceJet airlines have now cast 'significant' doubts on the ailing company's future. The low-cost carrier ( LCC) incurred a loss of Rs 310 crore in the quarter ended September 30, 2014, down 45% from the loss of Rs 560 crore in same period last fiscal.
"As of that date (September 30, 2014) the company's total liabilities exceed its total assets by Rs 1,459.7 crore. These conditions.... indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern," auditor S R Batliboi & Associated says.
The auditors point out that SpiceJet had made no provision for interest of Rs 7.5 crore. "Had the same been accounted for, the net loss for the quarter ended September 30, 2014, would have been higher by Rs 7.5 crore," the auditor says.
15/11/14 Times of India
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"As of that date (September 30, 2014) the company's total liabilities exceed its total assets by Rs 1,459.7 crore. These conditions.... indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern," auditor S R Batliboi & Associated says.
The auditors point out that SpiceJet had made no provision for interest of Rs 7.5 crore. "Had the same been accounted for, the net loss for the quarter ended September 30, 2014, would have been higher by Rs 7.5 crore," the auditor says.
15/11/14 Times of India
