Saturday, November 9, 2013

Rock bottom? Kingfisher Airlines post massive Rs 7.2 bn Q2 loss


Reuters FP Nov 8, 2013

Kingfisher Airlines Ltd, which has been grounded for more than a year, reported yet another quarterly loss with no income from operations.

Net loss was 7.16 billion rupees for its fiscal second quarter ended September 30, compared with a net loss of 7.54 billion rupees a year earlier, Kingfisher said in a filing to the stock exchanges on Friday.
Kingfisher, once India’s no.2 carrier and headed by flamboyant liquor baron Vijay Mallya, has not flown since October last year for want of cash. Bids to revive operations have seen little success so far.
The company reiterated on Friday that it was exploring various options to recapitalise and resume operations and that talks were on with prospective investors.
Kingfisher was in talks with a foreign investor for a potential stake sale, Chairman Mallya had said on September 24, without naming any investor. Mallya has said several times in the past that the company was in talks with potential investors, but the plans have not materialised so far.

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