SpiceJet CFO quits as operating margin sinks to -56%

SpiceJet’s CFO of 18 months, Parth Sarathi Basu, has quit as the Indian LCC revealed a four-fold increase in losses in the second quarter (to 30-Sep-08) of USD39.6 million. Basu is stepping away from the Indian aviation washing machine to rejoin Whirlpool of India Ltd, where he worked before joining SpiceJet. For every two dollars in revenue last quarter, the airline lost more than three – burning through half the nearly USD80 million in fresh funding received by US-based private equity fund, WL Ross and Co in Jul-08.

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