Grounded Kingfisher's Q4 loss jumps 81% to Rs2,142 cr
01 Jun 2013
Kingfisher Airlines, which has been grounded since October last, has reported an 81 per cent year-on-year increase in its January-March 2013 net losses at Rs2,142 crore, after the airline stopped flying last October.
Total losses were up 85 per cent at Rs4,301 crore during 2012-13. The airline, promoted by liquor baron Vijay Mallya, owes about Rs14,000 crore to lenders, airports and others. It has never made a profit since it started operations in 2005.
The carrier did not earn any income during the fourth quarter. Its income from operations during the same period of the previous year was Rs601.38 crore.
Kingfisher, in a note to the Bombay Stock Exchange, said the accumulated losses were about Rs16,023.46 crore as of 31 March 2013. Its net worth was negative at (-)Rs12,919.8 crore.
The airline's loss for the full financial year ended 31 March shot up to Rs4,001.1 crore, against a loss of Rs2,328 crore in the previous fiscal.
Kingfisher, whose operating licence lapsed at the end of last year, owes about Rs15,000 crore to banks, airport operators, leasing companies and other vendors.