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No-frill carrier SpiceJet has posted a net loss of Rs 240 crore for the quarter ended September 30, 2011 as against a profit of Rs 10 crore posted in the comparable previous year quarter.
Turnover has gone up by 26 per cent to Rs 759 crore during the quarter from Rs 602 crore last year.
Fuel costs
According to industry sources, July-September is traditionally a week quarter and high fuel prices might have added to the woes. Fuel cost has gone up to Rs 478 crore from Rs 260 crore the previous year, they pointed out.
During the quarter under consideration, the company has allotted 1,71,665 equity shares at a price of Rs 30 per share consequent upon exercise of stock options under the Employees Stock Option schemes.
The company has also issued 35,900,000 shares to the promoter of the company to Mr Kalanithi Maran through preferential issue at a price of Rs 36.48 per share aggregating to Rs 130.96 crore.
The company has also informed the exchange that its board of directors has co-opted its COO, Mr S. Natarajhen, as the Whole-Time Director of the company with effect from November 11, 2011.
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