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Moneycontrol Bureau
Vijay Mallya-owned Kingfisher Airlines turned profitable at the operating level in financial year 2010-11, and managed to narrow down its net losses. The airline clocked annual revenues of Rs 6496 crore, up 23% year-on-year, due to increased passenger traffic and better capacity utilization. Net loss for the year was Rs 1027 crore, against Rs 1647 crore the year before. Also, the company attributed the improved performance to a debt recast in 2010, that helped lower interest costs.
Earnings before interest, taxes, depreciation and amortization stood at Rs 140 crore, against a loss of Rs 690 crore the previous year. The company did well in its domestic operations, but continued to bleed on the international routes, reporting an EBITDA loss of Rs 130 crore.
The company said passenger load factor for the industry as a whole rose 6 percentage points to 78%, while Kingfisher Airlines reported a 9 percentage point-increase in its load factor to 81%.
This is what the company had to say by way of outlook:
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