Low-cost airline carrier SpiceJet has posted a loss of Rs 38.1 crore for the quarter ended June, dented by higher fuel cost and arbitration award.
The company had reported profit of Rs 175.2 crore in same period last year.
"The company has taken a provision of Rs 63.5 Crore as an exceptional item on account of an arbitration award that cited interest payable of Rs 92.5 crore and interest receivable of Rs 29 crore for the company," SpiceJet said in its filing.
With this one time provision, it has now fully provided for the maximum amount that may be payable under the arbitration award. Hence its profit before exceptional item stood at Rs 25.4 crore.
14/04/18 Moneycontrol.com
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The company had reported profit of Rs 175.2 crore in same period last year.
"The company has taken a provision of Rs 63.5 Crore as an exceptional item on account of an arbitration award that cited interest payable of Rs 92.5 crore and interest receivable of Rs 29 crore for the company," SpiceJet said in its filing.
With this one time provision, it has now fully provided for the maximum amount that may be payable under the arbitration award. Hence its profit before exceptional item stood at Rs 25.4 crore.
14/04/18 Moneycontrol.com
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