Kingfisher reports net loss of Rs1,608 crore for 2008-09
06 Aug 2009
New Delhi: Private carrier, Kingfisher Airlines, India's largest carrier by number of passengers flown, has reported a net loss of Rs1,608.09 crore ($338.5 million) for 2008-09. It also said it intends to raise Rs500 crore from the equity market.
The airline is carrying a debt burden of approximately Rs6,000 crore and chairman Vijay Mallya has let it be known that the airline would step into the markets to pick up equity rather than increase debt.
In a statement issued Wednesday, the airline said employee cost stood at Rs823.85 crore last fiscal, while expenses on aviation fuel and aircraft lease rental were at Rs2,602 crore and Rs1,185.13 crore respectively.
Q1 performance for the current fiscal has continued along similar lines with losses touching Rs242.71 crore, even as the airline industry continues to face headwinds due to the economic slowdown.
Kingfisher is part of the group of airline operators which have asked the government to consider a bailout package for them, given the crisis faced by the aviation sector.