India Kingfisher July-Sept loss widens as revenue plummets
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)
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article