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SpiceJet reports significant first quarter loss, but sees “ray of hope”

Newly recapitalised SpiceJet reported a USD23.2 million net loss for the three months ended 30-Jun-08 (its fiscal first quarter), compared to a net profit of USD6 million in the previous corresponding period. The result excluded a loss of USD6.2 million on account of a restatement of forex debt, which was charged to the profit and loss account.

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