MUMBAI
(NNN-PTI) -- Debt-ridden Kingfisher Airlines has reported net loss of Rs 754
crore for the July-September quarter, a sharp increase from Rs 469 crore in the
year-ago period, and said it is working on a plan to resume services.
The
revenue plunged to Rs 200 crore during its second quarter of this fiscal from
Rs 1,553 crore in the same period last year because of disruption in operations
and eventual suspension of its licence by aviation regulator DGCA.
Even
as the company’s expenses declined across various heads, the firm suffered huge
restructuring cost. Its tax expenses also rose sharply.
Announcing
the result, the carrier said it is in discussions with stakeholders to ensure
that there are no future disruptions and expects to resume operations in the
near future.
“Kingfisher
Airlines is preparing a comprehensive plan for re-start of operations which
will be shared with the DGCA and bankers,” the carrier said in a BSE filing.
Shares
of the company were trading at Rs 12.85, up 0.16 per cent on the BSE at 1025
hrs.
The
carrier is already saddled with accumulated losses of Rs 8,000 crore besides a
debt burden of over Rs 7,524 crore, a large part of which has not been
serviced.
The
Directorate General of Civil Aviation (DGCA) had recently suspended the flying
licence of Kingfisher following the airline’s failure to come up with a viable
financial and operational revival plan.
It
faces the risk of losing its licence if a revival plan is not submitted by next
month, while bankers are working on plans to handle large scale defaults by the
airline. --NNN-PTI
0 comments:
Post a Comment