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India Kingfisher July-Sept loss widens as revenue plummets
MUMBAI |
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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