Kingfisher Airlines reports huge losses in Q3 as operations falter

Business

oi-Sneha

By Sneha B K

Updated: Tuesday, February 5, 2013, 16:32 [IST]

Vijay Mallya led Kingfisher Airlines reported loss in its third quarter as the Airlines did not have any operations. The company's net loss stood at Rs 755 crore for the quarter ended December 31, 2012.

"After announcing finance costs of Rs 401 crore, a one-time cost of Rs.201 crore due to re-delivery of aircraft which will reduce lease rentals and other related costs going forward, the net loss was Rs.755 crore," the airlines said in the statement.

The company submitted a revival/restart plan to the Directorate General of Civil Aviation for the renewal of its scheduled operator's permit and for restart of operations," the carrier said in a stock exchange announcement.

In the previous quarter, Kingfisher Airlines had reported a net loss of Rs 754 crore for the second quarter ending September 2012, as against a loss of Rs 469 crore in a previous year.

Kingfisher Airlines, since its operation has never posted a profit.

As per Reuters report, Its shares have fallen 56 percent over the past year, making it the third worst-performing global airline in terms of stock price, according to Thomson Reuters Starmine.

The shares of the company was seen trading at Rs 12, lower by 3.59% on BSE at 9.35 am IST.

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