Spicejet CFO resigns as airline reports net loss of Rs 789 crore

As Spicejet recorded a net loss of Rs 789 crore, the airline’s Chief Financial Officer Sanjeev Taneja resigned on Wednesday.

SpiceJet said in a regulatory filing, said that its Chief Financial Officer resigned with effect from August 31.

SpiceJet airline reported a net loss of Rs 789 crore (Rs 420 crore excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as business was severely impacted by record high fuel prices and a depreciating rupee.

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. For the same comparative period, operating expenses were Rs 3,267 crore as against Rs 1,995 crore. On an EBITDA basis, loss was Rs 379 crore for the reported quarter as against a loss of Rs 244 crore for the quarter ended June FY2022. The airline continued to add new destinations to its network.

Aviation regulator the Directorate General of Civil Aviation (DGCA) had received requests to deregister two more B737 aircraft leased to the carrier Spicejet. The requests for deregistration have been made by Irish lessor Horizon Aviation. This was the third such instance in which the regulator received deregistration requests of aircrafts in the past few weeks leased to Spicejet.

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