Kingfisher Airlines posts Q3 loss of Rs 755 cr on grounded flights

Kingfisher Airlines posts Q3 loss of Rs 755 cr on grounded flights

BT Online Bureau   Mumbai     Last Updated: February 5, 2013  | 18:59 IST

Vijay Mallya's ailing carrier Kingfisher Airlines on Tuesday reported a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012. The airline did not operate a single flight during the quarter.

The airline, which has debt of nearly Rs 8,000 crore and accumulated loss and liabilities of a similar amount, has been grounded since October 1 after its pilots and engineers went on a strike over non-payment of salaries.

"During the quarter under review, Kingfisher did not have any operations. The company submitted a revival plan to the DGCA for renewal of its scheduled operator's permit and for restart of operations," the airline said in a statement to the Bombay Stock Exchange.

Kingfisher Airlines had a net profit of Rs 444.26 crore in the quarter ended December 2011.

"After announcing finance costs of Rs 401 crore , a one-time cost of Rs 275 crore due to re-delivery of aircraft (which will reduce lease rentals and other related costs going forward), the net loss was Rs 755 crore," the carrier said. "Kingfisher has made significant progress in complying with the DGCA requirement."

Kingfisher Airlines shares were trading at Rs 11.90 at 12.45 pm on BSE - down 5.1 per cent.

With inputs from PTI

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