Kingfisher Q3 losses soar to Rs 822 crores

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 Kingfisher Q3 losses soar to Rs 822 crores
Losses at grounded domestic air carrier, King Fisher Airlines has soared to Rs 822 crores for the quarter ending Dec 31, 2013, as against Rs 716 crores in the quarter ending Sept 30, 2013.

There was no income from operations as the company did not have any operations, as it currently does not have any Scheduled Air Operator's permit.

The company in a release to the BSE has said that the consortium of bankers to the company have demanded from the company their dues and have moved the debt recovery tribunal at Bangalore for recovery of these dues.

Kingfisher has said that it will at an appropriate time request the bankers to consider a restructuring of debt.

"Based on the detailed evaluation of the current situation, plans formulated and active discussions underway with prospective investors, the management is confident of raising adequate finance, obtaining renewal of the permit, rescheduling dent and receiving continuous support from the group," the company has stated in a release.

The stock of the company was last trading unchanged at Rs 3 on the National Stock Exchange.

Read more about: kingfisher airlines, bse
Story first published: Wednesday, February 12, 2014, 10:59 [IST]
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