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SpiceJet posts 20% fall in quarterly profit
August 19th 2024
SpiceJet has reported net profit of 1.6 billion rupee (US$19 million) for the three months to June 30 2024, down 19.9% from 2 billion rupee in the three months to June 30 last year. Read More » Revenue fell 14.7% to 17.1 billion rupee, SpiceJet said in a regulatory filing. The company, which has faced a number of legal disputes with lessors and other parties over unpaid bills, announced alongside its financial results a plan to boost its balance sheet through a 30 billion rupee capital raising by way of a qualified institutional placement of new shares. SpiceJet chair and managing director, Ajay Singh, said the capital raising was "crucial" to strengthening the airline's financial base and positioning the company for long-term success. Singh added he had confidence in the resilience of the airline's business model.
