Thursday, January 18, 2007

SpiceJet cuts financial year to 10 months

Even as it is expected to post a net loss, the Delhi-based no-frills airline SpiceJet is reducing its financial year to ten months ending March 31, 2007, for operational reasons.
SpiceJet has followed financial year starting June. “For operational reasons and reporting convenience, we are reducing this financial year to 10 months ending March 31.
The next financial year will ideally start from April,” SpiceJet Chief Executive Officer Siddhanta Sharma said. He said the airline might post a small operating profit during the ten-month period.
SpiceJet scrip rose 2.21 per cent on the Bombay Stock Exchange (BSE) today following rumours that the Tata group, which currently holds 7 per cent, may hike its stake to 11 per cent in the company.
The stock closed at Rs 60 today as against yesterday’s Rs 58.70 on the BSE.
SpiceJet has got investment proposals worth $180 million from various quarters, including the Tata group and Goldman Sachs.
18/01/07 Business Standard