Press Esc to close
Saturday 29 November 2014
News updated at 11:24 AM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

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
Black Friday Shopping Begins On Thanksgiving Evening

Black Friday Shopping Begins On Thanksgiving Evening

Dancers perform during an inauguration ceremony of a Hello Kitty amusement park in Anji

Dancers perform during an inauguration ceremony of a Hello Kitty amusement park in Anji

Regina Vandysheva reacts after winning the 2014 Miss Kazakhstan national beauty

Regina Vandysheva reacts after winning the 2014 Miss Kazakhstan national beauty

Pakistani theatre artists in India  to participate in 'Saanjh: 11th Amritsar-Lahore Peace Festival

Pakistani theatre artists in India to participate in 'Saanjh: 11th Amritsar-Lahore Peace Festival

Nobel Peace Prize winner Kailash Satyarthi being felicitated by Chairman of Bajaj Auto Rahul Bajaj

Nobel Peace Prize winner Kailash Satyarthi being felicitated by Chairman of Bajaj Auto Rahul Bajaj

Rahul Gandhi meeting supporters at his election rally in Jamshedpur

Rahul Gandhi meeting supporters at his election rally in Jamshedpur

Prime Minister Narendra Modi on his departure after attending SAARC summit...

Prime Minister Narendra Modi on his departure after attending SAARC summit...

A boy salvages for belongings amid the debris of his house in Mumbai...

A boy salvages for belongings amid the debris of his house in Mumbai...

Shyam Benegal with Naseeruddin Shah during the launch of the latter's book...

Shyam Benegal with Naseeruddin Shah during the launch of the latter's book...

Actor turned politician Kushboo with Congress vice president Rahul Gandhi...

Actor turned politician Kushboo with Congress vice president Rahul Gandhi...

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