Kingfisher Airlines loses $142 mln in Q3 as planes sit idle
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)
- Tweet this
- Share this
- Digg this
- UPDATE 2-U.S. fast-food workers rally for higher minimum wage
- Springsteen's handwritten 'Born to Run' draft fetches $197,000
- South Africa, world mourn 'giant for justice' Nelson Mandela
- UPDATE 4-Child killed in Idaho school bus accident, 4 more hurt
- Delhi's rubble-strewn Connaught Place mirrors Congress' election struggle
South African anti-apartheid hero Nelson Mandela died aged 95 at his Johannesburg home on Thursday after a prolonged lung infection, plunging his nation and the world into mourning for a man hailed by global leaders as a moral giant. Article | Obituary