Press Esc to close
Sunday 11 December 2016
News updated at 2:10 AM IST
Weather
Max: 30.3°C
Min : 16.2°C
In Bengaluru
clear sky

Kingfisher reports massive Rs 716 cr loss in Q2

Mumbai, Nov 9, 2013, (PTI)
Kingfisher Airlines, which is grounded for over a year, today reported a massive Rs 716 crore net loss in the September quarter. Reuters File Photo.
Kingfisher Airlines, which is grounded for over a year, today reported a massive Rs 716 crore net loss in the September quarter.

In the year-ago period, the airline had reported net loss of Rs 754 crore, Kingfisher said in a filing to the stock exchanges.

The airline, headed by liquor baron Vijay Mallya, has been grounded after employees went on strike demanding salaries.

Despite not paying salaries for the past 14 months, the company allocated Rs 50.8 crore towards employee expenses in the reporting quarter, against Rs 59 crore in the year ago period.

Similarly, in default of debt servicing since January 2012, the crippled carrier's financial result statement shows Rs 345.5 crore towards finance costs as against Rs 421.4 crore year ago.

From January 2012, the company has not been servicing its over Rs 7,500 crore bank loans and bankers are in the recovery process. So far, banks have been able to recover only around Rs 1,000 crore by selling pledged shares.

The airline reiterated today that it is exploring various options to recapitalise and resume operations and talks are on with prospective investors.

Shares of Kingfisher Airlines fell by 1 per cent to Rs 5.64 today on the BSE. It is currently valued at Rs 456 crore.

Yesterday, low-cost carrier SpiceJet reported a whopping Rs 559 crore net loss in the September quarter, while the second largest Jet Airways group last month reported a record quarterly loss of Rs 891 crore.

 

Go to Top

Photo Gallery
Indian sitar player and composer Anoushka Shankar performs at the live concert...

Indian sitar player and composer Anoushka Shankar performs at the live concert...

I-T department seized Rs 5.7 cr cash in new notes, 32kg bullion and jewelery and Rs 90 lakh...

I-T department seized Rs 5.7 cr cash in new notes, 32kg bullion and jewelery and Rs 90 lakh...

International Animal Rights Day and Human Rights Day in Bengaluru...

International Animal Rights Day and Human Rights Day in Bengaluru...

Laborers remove weeds from Dal Lake on a cold and foggy day in Srinagar...

Laborers remove weeds from Dal Lake on a cold and foggy day in Srinagar...

President Pranab Mukherjee with Tibetan spiritual leader, the Dalai Lama during the inaugural...

President Pranab Mukherjee with Tibetan spiritual leader, the Dalai Lama during the inaugural...

A view of the illuminated Ajmer Sharif Dargah decorated for the upcoming Jashne Eid E Milad...

A view of the illuminated Ajmer Sharif Dargah decorated for the upcoming Jashne Eid E Milad...

Former Indian football captain Baichung Bhutia in Lamborghini four wheeler during Air Strip...

Former Indian football captain Baichung Bhutia in Lamborghini four wheeler during Air Strip...

A sand sculpture created by renowned sand artist Sudarsan Pattnaik with message 'Good Luck...

A sand sculpture created by renowned sand artist Sudarsan Pattnaik with message 'Good Luck...

Bollywood Actor Shah Rukh Khan with director-producer Abbas-Mustan during the Muhurat for...

Bollywood Actor Shah Rukh Khan with director-producer Abbas-Mustan during the Muhurat for...

Migratory Siberian seagulls birds flying over the Ganges in Allahabad on Saturday...

Migratory Siberian seagulls birds flying over the Ganges in Allahabad on Saturday...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523