Idle planes turn Q3 red for Kingfisher Air
Debt-ridden and with no customers, Kingfisher Airlines posted a Rs 755 crore loss in the three months to December 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans.
Debt-ridden Kingfisher Airlines
KFA, which has been stripped of its flying licence, owes an estimated Rs 12,000 crore to banks, staff, airports and oil companies.
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The airline, once India's second-biggest, has spent the past few months negotiating with its creditors and aviation authorities. Civil aviation minister Ajit Singh has said, KFA needs at least USD 186 million to fly again.
Shares in the firm fell 2 percent on Monday ahead of earnings announcement. 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.
Kingfisher, controlled by billionaire Vijay Mallya, has never posted a profit in its eight years of operations, and lost a combined 33.1 billion rupees in 2012.
(with agency inputs)