Kingfisher Airlines posts Rs 822 crore loss in Q3
BT Online Bureau February 12, 2014
Vijay Mallya's grounded Kingfisher Airlines has reported yet another quarterly loss as it had no income from operations. The airline has not flown in more than a year.
Kingfisher Airlines has not flown since October 2012 for want of cash. 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 Airlines 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.
Bids to revive operations have seen little success, while some creditors have filed so-called winding up petitions at a court.
Kingfisher Airlines had never reported a profit during its eight years of operations.
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 BSE.