SpiceJet Chief Financial Officer Resigns As Losses Widen

SpiceJet Ltd said on Wednesday Chief Financial Officer Sanjeev Taneja had resigned amid widening losses and a series of mid-air incidents.

SpiceJet announced that its net loss for the three months ending in June had increased to Rs 789 crore, primarily due to high fuel prices and a decline in the value of the rupee.

That compared to a net loss of Rs 458 crore in the quarter ended March 2022, which the company said was delayed due to a cyber security attack.

In the year-ago period, it had a net loss of Rs 235.3 crore.

“Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year,” the airline said in a release.

The company had also reported a loss 4.85 billion rupees for the quarter ended March,

SpiceJet said it would raise funds up to $200 million. Some banks have raised concerns about loans to the carrier.

SpiceJet Chairman and Managing Director Ajay Singh said the industry has been witnessing one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY2022.

“We are optimistic about our future and our continued recovery and in order to achieve our future plans the board has mandated fresh capital issuance and the Company will be shortly engaging with investment bankers for a potential raise of up to $200 million,” he said. 

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