Moneycontrol Bureau
Kingfisher Airlines has reported a 15% increase Y-o-Y in its losses at 263.54 crore for the April-June quarter as high fuel cost continues to erode margins. The second largest private sector airline said the benefit of re-structuring its debt earlier this year has been completely offset by 40% rise in its fuel cost at Rs 845 crore.
Kingfisher has adopted a new accounting method that allows costs on major repairs and maintenance to be amortised over the incremental life of the asset. Had the company not adopted this method, its loss after tax for the quarter would have been higher by Rs. 26.23 crore, it said.
Sales saw an improvement of 15% at Rs 1,911 crore led by a 10% increase in its traffic domestically.
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