KINGFISHER AIR LOSS WIDENS TO RS 651 CR IN FIRST QUARTER
MUMBAI,INDIA - Debt-ridden Kingfisher Airlines’ loss widened to Rs 651 crore for the quarter ended June 30 2012 from Rs 264 crore a year ago.
The impact of high fuel costs, high interest rates, rupee depreciation and extraordinary expenses on account of return of aircraft to lessors and costs associated with non-operating aircraft resulted in the loss, the airline said in a statement.
Revenue dropped to Rs 301 crore in the April-June quarter from Rs 1,907 crore in the corresponding quarter last year. Parent company UB Group provided cash support of over Rs 750 crore to the airline to meet its cash flow requirements, the statement said.
Since its launch in 2005, Kingfisher Airlines has never reported a profit. The airline, however, said in the statement that it continues to believe it will get recapitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital, the statement added.
12/08/2012 : The Hindu Business Line.
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