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Debt-laden SpiceJet’s Q4 FY24 net Profit increased Sixfold to Rs 119 Crore.

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SpiceJet
(File Photo | PTI)

(VOR News) – SpiceJet achieved a net profit of Rs 119 crore for the fourth quarter concluded on March 31. The company made this announcement on Monday.

Compared to the Rs 17 crore it had registered for the same period last year, this amount signifies a six-fold rise. The airline declared that its profit for the reported quarter was 386 crore, up from the 344 crore it achieved for the fourth quarter of FY23, based on EBITDA.

The financially troubled airline released its third- and fourth-quarter fiscal year 2024 figures on Monday. As to the announcement, SpiceJet recorded a deficit of Rs 301.45 crore for the December quarter, in contrast to a profit of Rs 106.82 crore during the same time in FY23.

A regulatory filing states that the revenue from operations for the fourth quarter of fiscal year 24 was 1,719.37 crore, a 20% drop from the $2,144.85 crore of revenue for the same period in fiscal year 23.

SpiceJet recorded a post-tax loss of Rs 409 crore for the fiscal year that ended on March 31, 2024, as opposed to the net loss of Rs 1,503 crore that it reported for the fiscal year that ended on March 31, 2023. This decline is a noteworthy fall of almost 73%.

The fourth quarter net profit for fiscal year 2024 jumped by a factor of six to 119 crore as compared to the same period in the previous fiscal year. We are happy to share this outcome.

Ajay Singh, Chairman and Managing Director of SpiceJet, said, “The results are a reflection of our unrelenting efforts to improve operational efficiency and our dedication to reversing the firm’s fortunes.”

In January of this year, SpiceJet received in-principle clearance from the Bombay Stock Exchange (BSE) for a fund infusion of 2,242 crores of Indian rupees.

SpiceJet also raised 1,060 crores in two tranches using preferential issuance.

We firmly think that SpiceJet is in a wonderful position to soar to even higher heights in the upcoming fiscal quarters.

“As we move forward, we are investigating the possibility of acquiring new funds in order to further strengthen our expansion strategies and capitalize on the growing demand in the Indian aviation market,” stated Singh.

The airline, whose financial issues with its former promoter and aircraft lessors have often put it in the news, declared that it has reached a settlement agreement with Export Development Canada (EDC) for $22.5 million to settle $90.8 million (INR 755 crore) in liabilities.

We were said to have settled liabilities totaling more than fifty million dollars with a number of lessors.

In compliance with Section 9 of the Insolvency and Bankruptcy Code, 2016, several lessors of engines and aircraft have filed applications claiming that they were unable to make payments.

The airline has said that the amounts being sought are not debts and that it is embroiled in several disputes on the matter.

Therefore, SpiceJet is preventing these problems from occurring.

“The management is of the opinion that there are SpiceJet fair chances of having a favorable outcome for the company,” it said.

“This conclusion is based on the review of applications that have been submitted as well as the legal interpretation of the law, which is supported by the opinions of legal representatives.”

As on December 31, 2023, the company’s net loss (after comprehensive income) for the quarter and nine months that ended on that date was Rs 300 crore and Rs 523 crore, respectively. Furthermore, the company had a negative net worth of Rs 3,322 crore and negative retained earnings of Rs 7,939 crore as of that date.

“Adjustments on account of implementation of Ind AS 116, adverse foreign exchange rates, operational disruption during Covid 19, followed by sub-optimal operations due to liquidity constraints faced by the company,” stated SpiceJet. “These factors have been the primary drivers of losses over the course of the past few years.”

The statement went on to say that the company has chosen to defer payments to several different partners due to its current operating and financial circumstances.

SOURCE: TNIE

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Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity.

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Sonic the Hedgehog Dominates Christmas Wish Lists

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Sonic the Hedgehog Merchandise are hot Christmas Items

Sonic the Hedgehog is dominating Christmas wish lists this year. The lovable blue hedgehog is back in the spotlight, from sonic the hedgehog toys and games to sonic the hedgehog coloring pages and movie hype.

Sonic-themed holiday merchandise is on fire, from quirky sweaters to action figures flying off shelves. Sonic the Hedgehog Christmas outfits for kids are selling out fast, making them a go-to gift option for festive fun.

Retailers have been quick to recognize Sonic’s holiday appeal. Special promotions and exclusive items, like the Sonic holiday t-shirts, are everywhere.

Everyone’s stocking up on Sonic merchandise, from big-box stores to boutique retailers.

Online shopping platforms are seeing a surge in searches for Sonic items. Whether it’s Sonic Christmas-themed tops or Sonic the Hedgehog coloring pages, Sonic the Hedgehog toys or Sonic and the Hedgehog 3, the demand is skyrocketing.

Retailers who tap into this trend are sure to see strong holiday sales.

Sonic has been around since the early 90s, but his popularity never wanes. With the release of Sonic 3, fans are more excited than ever.

Sonic the Hedgehog 4

Meanwhile, Paramount Pictures is preparing “Sonic the Hedgehog 4,” with the newest addition in the family-friendly genre set for a spring 2027 release.

The announcement comes as “Sonic 3” opens in theatres on Friday, estimated to gross $55 million to $60 million from 3,800 North American locations.

The sequel is shaping up to be a good holiday season blockbuster for Paramount, which explains the desire in future “Sonic” adventures. On the international front, the film will be released on Christmas Day in 52 markets.

On Rotten Tomatoes, critics gave “Sonic 3” an outstanding 87% fresh score.

The first two films grossed a total of $725.2 million at the global box office and generated over $180 million in global consumer expenditure through home entertainment rentals and digital purchases.

They also inspired a spinoff Paramount+ series, “Knuckles,” which premiered earlier this year.

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Amazon Strike Called By Teamsters Union 10,000 Walkout

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Teamsters members were demonstrating at "hundreds" of other Amazon locations.

An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.

The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.

According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.

The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.

It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.

Amazon Strike at 10 Locations

Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.

The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.

The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.

Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.

Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.

Stalled Contract Negotiations

Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.

However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.

Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.

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Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.

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(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.

The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.

The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”

The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.

Amazon has refused to acknowledge the union for many years.

The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.

Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.

Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.

“Amazon workers are exercising their power,” Randy Korgan stated to NPR.

“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.

Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.

The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.

Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.

The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.

Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.

Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.

Teamsters organize Amazon delivery couriers and other employees.

In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.

The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.

In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.

“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”

The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.

SOURCE: NPR

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