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.
For more visit: Business Standard
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