Kingfisher Airlines Q4 loss widens over three-fold to Rs 1,151.5 cr

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Kingfisher Airlines Q4 loss widens over three-fold
Liquor baron Vijay Mallya led Kingfisher Airlines' March quarter loss swelled by 224 per cent to Rs 1,151.5 crore, year-on-year as the country's most troubled private sector carrier continued to curtail its operations.

The company had posted net loss of Rs 355.54 crore during the same period a year ago, said Kingfisher Airlines in a filing to the Bombay Stock Exchange on May 31, 2012.

With employees of the airline staying on edge for their salary dues and the continuous blockages in the bank accounts by tax authorities, Kingfisher Airlines had no other option but to cut short its operations by over 50 per cent.

Over the performance, Kingfisher said, "The company has a focused fleet re-induction plan and hopes to be back to full-scale operations in the next 12 months backed by a recapitalization plan that the company is actively pursuing and confident of achieving".

However, investors were quick to react to the mounting losses and took the stock down to a new record low of Rs 10.20 per piece on Bombay Stock Exchange.

The EBITDA loss for FY'12 went up to Rs 855 crore as against a profit of Rs 140 crore during the year ago period. The company said the performance was mainly affected due to Rs 672 crore of additional fuel cost and weakening rupee against the US dollar.

The airline also said it incurred one-time loss of Rs 743 crore due to early delivery of the aircraft and Rs 338 crore due to restructuring costs.

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