Accumulated losses at Spicejet eroded entire net worth - auditor

NEW DELHI Mon Nov 12, 2012 7:03pm IST

Construction workers erect scaffolding at the site of metro station as a SpiceJet Airlines aircraft flies past in the southern Indian city of Chennai May 14, 2012. REUTERS/Babu/Files

Construction workers erect scaffolding at the site of metro station as a SpiceJet Airlines aircraft flies past in the southern Indian city of Chennai May 14, 2012.

Credit: Reuters/Babu/Files

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NEW DELHI (Reuters) - Accumulated losses at SpiceJet (SPJT.BO) have fully eroded the net worth of the company as at September 30, its auditors said on Monday, after the second biggest budget carrier in India posted a quarterly net loss.

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.

(Reporting by Anurag Kotoky; Editing by Anupama Dwivedi)

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