SpiceJet says Boeing Max compensation offer more than recognized

SpiceJet NSE -1.31 % Ltd., one of the world’s biggest customers for Boeing Co.’s now-grounded 737 Max jets, said an interim offer of compensation from the U.S. planemaker is higher than what the Indian budget carrier recognized earlier.

SpiceJet, India’s second biggest airline, has been using an unusual accounting method to book income on expected compensation from Boeing in the past few quarters. SpiceJet, which had 13 Boeing 737 Max jets in its fleet when they were grounded worldwide, has added 8.6 billion rupees ($117 million) as other income from compensation and related foreign exchange gains in the past five quarters, the company said.