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Kingfisher Airlines Q1 net loss widens to Rs 650 cr

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Updated: Saturday, August 11, 2012, 12:57 [IST]
 
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Kingfisher Airlines Q1 net loss widens to Rs 650 cr

Debt-ridden Kingfisher Airlines reported net loss of Rs 651 crore for the quarter ended June 30, 2012, against Rs 264 crore for the corresponding period of the previous year.

Impact of high fuel cost, high interest rate, rupee depreciation and extraordinary expenses on account of return of aircraft to the lessors and costs associated with non-operating aircraft resulted in the loss, the airline said in a filing to the Bombay Stock Exchange (BSE).

The striking Kingfisher Airlines pilots returned to duty on Thursday after chairman Vijay Mallya promised to pay their pending salaries by August 13, a report said.

The company's revenue slipped to Rs 301 crore in the April-June quarter from Rs 1,907 crore in the corresponding quarter of the previous year.

However, Kingfisher reduced operating losses by implementing a holding plan while it waits for recapitalization. Kingfisher Airlines halved its operating losses to Rs 204 crore for Rs 429 crore from corresponding period of previous year.

On Friday, shares of the airline tanked by over 11% and closed at Rs 7.40 on the BSE.

GoodReturns.in

Topics: kingfisher
Story first published:  Saturday, August 11, 2012, 12:55 [IST]
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