New Delhi: SpiceJet might be profitable, but the no-frills carrier's liabilities outstripped its assets at the end of September 2015.
The airline today reported a net profit of Rs 23.77 crore in the three months ended September on the back of a steep fall in fuel costs and other expenses. It had a net loss of Rs 310.45 crore in the year-ago period.
However, SpiceJet's total income from operations declined over 28 per cent to Rs 1,040.13 crore in July-September of the current fiscal.
"As on September 30, 2015, the company has accumulated losses of Rs 311,518.3 lakh against shareholders' funds (including advance towards subscription of securities) of Rs 199,660.7 lakh. As of this date, the company's total liabilities exceed its total assets by Rs 111,857.6 lakh," the airline said in a regulatory filing.
Historically, SpiceJet said its operating results have been materially affected by various factors, including high cost structure, significant depreciation in the value of the currency and certain other adverse market conditions.
12/11/15 PTI/Business Standard
To Read the News in full at Source, Click the Headline
The airline today reported a net profit of Rs 23.77 crore in the three months ended September on the back of a steep fall in fuel costs and other expenses. It had a net loss of Rs 310.45 crore in the year-ago period.
However, SpiceJet's total income from operations declined over 28 per cent to Rs 1,040.13 crore in July-September of the current fiscal.
"As on September 30, 2015, the company has accumulated losses of Rs 311,518.3 lakh against shareholders' funds (including advance towards subscription of securities) of Rs 199,660.7 lakh. As of this date, the company's total liabilities exceed its total assets by Rs 111,857.6 lakh," the airline said in a regulatory filing.
Historically, SpiceJet said its operating results have been materially affected by various factors, including high cost structure, significant depreciation in the value of the currency and certain other adverse market conditions.
12/11/15 PTI/Business Standard
