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| Kingfisher saves crores by altering accounting norms |
| BS Reporter / New Delhi Jan 08, 2009, 00:49 IST |
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Full service carrier Kingfisher Airlines, through a change in its accounting principles, was able to save Rs 744.23 crore for the six-month period ended September 30, 2008, and Rs 129.50 crore for the quarter ended 30 September 2008.
The company reported losses of Rs 641 crore for the six months ended September 30, 2007, and Rs 483 crore for the quarter ended September 30, 2008. The actual six-month loss, if the principles had been changed, would have been around Rs 1,390 crore, while the actual September quarter loss would have stood at Rs 612 crore.
According to a “limited review report”, filed by the company’s chartered accountants that is available on the BSE website, the changes included amortisation of training costs over a period of three years as well as treating aircraft lease subsidy provided to the company by one of its suppliers as other income.
“But for the change in the method of accounting... The loss for the quarter ended September 30, 2008 would have been more by Rs 129.5 crore and for the half-year ended on that date would have been more by Rs 744.23 crore,” chartered accountant B K Ramadhyani & Company said in a report to the board of directors of Kingfisher Airlines.
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