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

MUMBAI Tue Feb 5, 2013 8:33am IST

Stocks

   

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)

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

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Political Pulse

Political Pulse

100 days of Modi: Good for business, not so good for marginalised groups.  Full Article 

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Best Economy

Best Economy

Swiss economy most competitive once again; EU, U.S., Japan improve.  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

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