Despite having posted a net loss of Rs 310 crore in Q2, low cost carrier SpiceJet is optimistic of turning in black by 2015. In an interview to CNBC-TV18, Sanjiv Kapoor, chief operating officer, SpiceJet says the company managed to reduce its operating costs substantially in Q2 and is seeing a pure operational improvement in business. The company’s Q2 net loss at Rs 310 crore is a marked fall from corresponding quarter last year’s net loss of Rs 559 crore . SpiceJet also witnessed a 15 percent growth in total revenue in comparison to same quarter last year. The carrier continues to be in talks for funding or recapitalization, adds Kapoor. On reports of the chief financial officer Neelakantan R quitting the company, Kapoor says the company CFO is merely on a personal leave and hasn’t left the airline. Meanwhile, auditors SR Batliboi and Associates LP in a note had raised concerns over the airline's survival, as it continues to remain in red. The note read: "The company's total liabilities exceed its total assets by Rs 1,460 crore. These conditions along with other matters, indicate that the existence of material uncertainty may cast significant doubt about the company's ability to continue as a going concern.”
17/11/14 moneycontrol.com
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17/11/14 moneycontrol.com
