Kingfisher Q2 net loss up 61% at Rs 753 cr

Revenues declined 87% to Rs 200 cr from Rs 1,550 cr a year ago

Kingfisher Airlines's Q2 net loss, as expected, has increased by 61 per cent to touch Rs 753 crore for the second quarter of FY13 as compared to a net loss of Rs 468 crore during the corresponding quarter in the previous fiscal.

The total Income has plummeted by almost 8 times to Rs 200 crore from Rs 1,552 crore a year ago. The company during the past few quarters has been on a drastically truncated schedule and for the major part of the second quarter most of its services were hardly functioning and the DGCA has since suspended its licence to fly.

The operating loss for the quarter was at Rs 202 crore, and due to adjusting for finance cost of Rs 401 crore, a one-time cost of Rs 448 crore due to re-delivery of cost and restructuring, the net loss is at Rs 753 crore.

The company which has been facing problems since November 2011, due to default in payments to almost all of its suppliers – oil marketing companies, airport operators, aircraft lessors - and its employees has been trying  hard to get some working capital and equity infusion for the past year but to no avail.  

In addition to this, the company has a substantial debt outstanding of Rs 8,000 crore towards a consortium of Indian bankers, towards whom the company has not even been able to service the interest costs for most part of the last year.

The UB Group-owned airline said that it is continuing with its holding plan and is preparing to submit an comprehensive revival plan.