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SpiceJet narrows losses, embarks on US$270 million capital raising
December 13th 2023
SpiceJet recorded a 4.3 billion rupee (US$51 million) net loss for the three months to September 30, an improvement from an 8.4 billion rupee net loss for the same three months in 2022. Read More » Revenue declined by 18%, to 17.3 billion rupee, SpiceJet said in a regulatory filing. The company also has announced it is raising 2.3 billion rupee in fresh capital in a private placement with several investors. “This is a significant fund raising. It is designed to strengthen SpiceJet’s financial position, enhance operational capabilities, settle outstanding issues and reposition the airline for sustained growth in the dynamic aviation sector,” SpiceJet chair and managing director, Ajay Singh, said. He added July, August and September are traditionally challenging for the aviation industry. “This year, the challenges were compounded by elevated fuel prices that impacted on operational costs,” Singh said. “SpiceJet, however, has been proactive in implementing cost savings and remains focused on adapting to dynamic market conditions.”
