Grounded carrier Kingfisher Airlines posts Rs 822 crore loss in Q3

Feb 12 2014, 13:10 IST
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Kingfisher Airlines has not flown since October 2012 for want of cash, and owes about $1 billion to banks. Kingfisher Airlines has not flown since October 2012 for want of cash, and owes about $1 billion to banks.
SummaryVijay Mallya's Kingfisher Airlines, once No 2 Indian carrier, has not flown since October 2012.

Grounded carrier Kingfisher Airlines today reported a net loss of Rs 822.42 crore for the third quarter ended December 31, 2013.

The airline which has not flown for more than a year, had reported a loss of Rs 755.17 crore a year earlier, Kingfisher said in a filing to the BSE.

With planes remaining on the ground, the airline had nil sales in the reporting quarter, similar to zero sales a year ago.

The finance costs of Kingfisher for the reporting quarter stood at Rs 350.99 crore, against Rs 401.26 crore in the corresponding quarter of the previous year.

The redelivery cost rose 45.83 per cent to Rs 400.73 crore, against Rs 274.80 crore for the comparable quarter a year ago.

The airline, headed by liquor-baron Vijay Mallya, has not flown since October 2012, after employees went on strike demanding salaries.

Kingfisher had never reported a profit since starting operations in 2005.

Besides non-payment of salaries, the private carrier is saddled with huge debt and losses. The airline has a debt of over Rs 7,200 crore towards lenders, mainly public sector banks since January 2011.

Shares of the company were trading at Rs 3, up 0.67 per cent from its previous close on the BSE.

Kingfisher Airlines posts Rs 8.22 billion Q3 loss

(Reuters) Grounded Kingfisher Airlines, which has not flown in more than a year, reported yet another quarterly loss as it had no income from operations.

Kingfisher, once India's no. 2 carrier and headed by flamboyant liquor baron Vijay Mallya, said net loss was 8.22 billion rupees for its fiscal third quarter to end-December, compared with a loss of 7.55 billion rupees a year earlier.

Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion to banks, and more to airports and the tax office. Bids to revive operations have seen little success, while some creditors have filed so-called winding up petitions at a court.

Kingfisher had never reported a profit during its eight years of operations.

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