Kingfisher's Q3 loss at Rs 755 crore as planes sit idle

Loss would have been Rs 1,090 cr had the airline used accepted accounting standards, says auditor

Kingfisher Airlines today reported a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012, a period when it did not operate a single flight.

The company had a net profit of Rs 444.26 crore in the quarter ended December 2011, Kingfisher said in a filing to the BSE.

"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," it said.

Following the results, shares of the company fell by 3.83% to Rs 12.06 on the BSE in late morning trade.

"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 Vijay Mallya-promoted carrier said.

"Kingfisher has made significant progress in complying with the DGCA requirement," the airline added.

Kingfisher, 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.

image
Business Standard
177 22
Business Standard

Kingfisher's Q3 loss at Rs 755 crore as planes sit idle

Loss would have been Rs 1,090 cr had the airline used accepted accounting standards, says auditor

Press Trust of India  |  Mumbai 

Kingfisher Airlines today reported a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012, a period when it did not operate a single flight.

The company had a net profit of Rs 444.26 crore in the quarter ended December 2011, Kingfisher said in a filing to the BSE.

"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," it said.

Following the results, shares of the company fell by 3.83% to Rs 12.06 on the BSE in late morning trade.

"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 Vijay Mallya-promoted carrier said.

"Kingfisher has made significant progress in complying with the DGCA requirement," the airline added.

Kingfisher, 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.

RECOMMENDED FOR YOU

Kingfisher's Q3 loss at Rs 755 crore as planes sit idle

Loss would have been Rs 1,090 cr had the airline used accepted accounting standards, says auditor

Kingfisher Airlines today reported a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012, a period when it did not operate a single flight.

Kingfisher Airlines today reported a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012, a period when it did not operate a single flight.

The company had a net profit of Rs 444.26 crore in the quarter ended December 2011, Kingfisher said in a filing to the BSE.

"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," it said.

Following the results, shares of the company fell by 3.83% to Rs 12.06 on the BSE in late morning trade.

"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 Vijay Mallya-promoted carrier said.

"Kingfisher has made significant progress in complying with the DGCA requirement," the airline added.

Kingfisher, 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.

image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard