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Accumulated losses at Spicejet have eroded its entire net worth: Auditor
12 Nov 2012, 07:03 PM IST
SpiceJet said on Monday it lost Rs 164 crore in the quarter that ended on September 30, compared with a loss of Rs 240 crore a year ago.
Meanwhile, the company's auditors said that accumulated losses at the airline have fully eroded the net worth of the company as on September 30.
The company's ability to operate on a "going concern" basis is "significantly" dependent on establishing continued profitable operations and raising cash to meet short- and long-term obligations, the auditors said in a review report to the company.
Copyright @ Thomson Reuters 2012
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