Business Standard

Kingfisher Q3 loss widens by 75%, costs mount

Related News

Kingfisher Airlines reported a 75% wider net loss in the quarter to end-December from a year earlier, as the ailing carrier continued to feel the pinch of high fuel costs, a weaker rupee and fierce competition.

Kingfisher lost Rs 444 crore in the third quarter ended December, 2011, 74.8% more than a loss of Rs 254 crore in the corresponding quarter a year ago.

Revenue fell 15.2% to Rs 1,342 crore.

Debt-laden Kingfisher, controlled by liquor baron Vijay Mallya, is around a quarter-owned by banks and its top lender State Bank of India has refused to lend more without a fresh injection of equity.

"Steep depreciation of the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry," Kingfisher said in a statement on Thursday.

Kingfisher, named after country's most famous beer owned by its parent company, has seen planes grounded for safety shortcomings and faced immense investor scrutiny on its plans to revive the airline.

Shares in Kingfisher, which has never made a profit, have dropped almost 60% since the beginning of last year, shrinking the airline's market value to around $270 million (Rs 1,330.96 crore).

The airline, which said last month it was in talks with Hong Kong-based distressed debt firm SC Lowy Financial for a possible investment, this month put on hold plans to join the global oneworld alliance.

A government panel this month approved a plan to allow airlines to directly import jet fuel, seen easing fuel costs for troubled carriers, while India is expected to soon allow foreign carrier to own up to 49% in local airlines.

Read more on:   
|
|
|
|
|

Read More

MphasiS Q1 net flat; revenues declines 8%

Bangalore-based IT Services company, MphasiS witnessed a marginal decline of 0.23 per cent in its net profit to Rs 184.40 crore for its first quarter ...

Advertisements

Quick Links

Results Calendar
Rss icon November 2014 Rss icon
Sun Mon Tue Wed Thu Fri Sat
1
2345678
9101112131415
16171819202122
23242526272829
30
Results Tracker
Available for 637 companies
Quarter Sep 2014 Sep 2013 % chg
Sales 616,068.64 582,099.14 5.84
Op. Profit 214,322.10 192,573.03 11.29
Net Profit 69,571.89 61,618.69 12.91
Figures in Rs crore
Advertisement

Back to Top