Kingfisher Airlines loses $142 mln in Q3 as planes sit idle

MUMBAI Tue Feb 5, 2013 8:33am IST

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MUMBAI Feb 5 (Reuters) - Debt-ridden and with no customers, Kingfisher Airlines Ltd posted a 7.55 billion rupees ($142 million) loss in the three months to Dec. 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans.

Kingfisher, which has been stripped of its flying licence, owes an estimated $2.5 billion to banks, staff, airports and oil companies.

The airline, once India's second-biggest, has spent the past few months negotiating with its creditors and India's aviation authorities. The country's civil aviation minister has said Kingfisher needs at least $186 million to fly again.

Shares in Kingfisher fell 2 percent on Monday ahead of the results release. Its shares have fallen 56 percent over the past year, making it the third worst-performing global airline in terms of stock price, according to Thomson Reuters Starmine.

Kingfisher, controlled by billionaire Vijay Mallya, has never posted a profit in its eight years of operations, and lost a combined 33.1 billion rupees in 2012. ($1 = 53.2550 Indian rupees) (Reporting by Henry Foy; Additional reporting by Patturaja Murugaboopathy in BANGALORE; Editing by Daniel Magnowski)

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