India Kingfisher July-Sept loss widens as revenue plummets

MUMBAI Thu Nov 8, 2012 8:47am IST

Stocks

   

MUMBAI Nov 8 (Reuters) - India's debt-ridden Kingfisher Airlines, grounded for over a month after a violent staff protest and concerns about safety, widened its quarterly loss from a year ago because of a steep decline in revenues.

The company said it is preparing a comprehensive plan to restart operations soon.

The airline posted a record net loss of 7.54 billion Indian rupees ($139.46 million) for the September quarter, compared with a loss of 4.69 billion rupees a year earlier.

Revenues declined 87 percent to 2 billion rupees from 15.5 billion rupees a year ago.

Kingfisher is preparing a comprehensive plan for re-start of operations which will be shared with the airline regulator and bankers, the carrier said in a statement.

Kingfisher shares are down 39 percent this year, closing at 12.8 rupees before the earnings release early on Thursday, a tiny fraction of their all-time peak above 334 rupees in late 2007. ($1 = 54.0650 Indian rupees) (Reporting by Aditi Shah; Editing by Jeremy Laurence)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

China iPhone Sale

China iPhone Sale

China regulator approves Apple's iPhone 6 for sale in China  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage