the Bangalore-based private carrier is in a financial mess and struggling to service its loans, which have run up to over Rs 6,000 crore.
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Kingfisher Air Loss Zooms 75% In Third Quarter; Anticipate Rough Skies Ahead
Kingfisher Airlines has registered a 75% increase in its net loss, which remained at Rs 444 crore for the three month period ended December 2011 as against the same period of last year amid high fuel cost and a weaker Indian currency.
Kingfisher Airlines, which has stopped functioning on its low cost division Kingfisher Red also witnessed its revenues decline by about 5% to Rs 1547 crore.
The airline stated, "Steep depreciation of the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry."
The airline has been hitting headlines for the last few months for its aircraft being grounded by the Directorate General of Civil Aviation on security fears.
Besides, Kingfisher Airlines, which has never made profits since its beginning have witnessed its share price drop more than 60% during the last one year, lowering the market value of the airline to around 1,300 crore.
But, post the result declaration, the company’s scrip remained up by 2.24% to rule at Rs 27.35 at 9:15 hours.
The airline, which announced during Januaru, that it was making discussions with Hong Kong-based disturbed debt company SC Lowy Financial for a potential investment, this month postpone plans to join the worldwide oneworld alliance till its finishes its financial restructuring.
the Bangalore-based private carrier is in a financial mess and struggling to service its loans, which have run up to over Rs 6,000 crore.
Kingfisher Airlines dips deep into red
Kingfisher Airlines to submit revised schedule to DGCA
We’ll be king of good times soon: Kingfisher staff
