Having revived Spicejet from the brink of collapse, the airline's chairman and managing director Ajay Singh expects the net worth of the low-cost carrier to fly into the positive zone during the current financial year.In a free-wheeling talk with Mail Today, Singh said he had paid off all the outstanding dues amounting to a whopping Rs 1600 crore to banks and the government, which had piled up when the airline was being managed by the Maran family.
Singh said the net worth of Spicejet which had plummeted to minus Rs 1400 crore before he took over the airline again, has now improved to minus Rs 600 crore and will turn positive within this fiscal. A positive net worth means the value of the assets of a company exceed its financial liabilities.He said Spicejet would be adding another 8 to 10 planes to its fleet this year and would be hiring more pilots and cabin crew for expanding its operations. Singh who has triggered the trend of offering hefty discounts in the advance sale of tickets to raise cash for running the airline, said that low prices of jet fuel were not the only reason for Spicejet having turned profitable.
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