NEW DELHI Grounded Kingfisher Airlines(KING.NS), which has not flown in more than a year, reported yet another quarterly loss as it had no income from operations.
Kingfisher, once India's no. 2 carrier and headed by flamboyant liquor baron Vijay Mallya, said net loss was 8.22 billion rupees for its fiscal third quarter to end-December, compared with a loss of 7.55 billion rupees a year earlier.
Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion to banks, and more to airports and the tax office. Bids to revive operations have seen little success, while some creditors have filed so-called winding up petitions at a court.
Kingfisher had never reported a profit during its eight years of operations.
(Reporting by Devidutta Tripathy; Editing by Sunil Nair)
Trending On Reuters
General Motors is re-evaluating its planned $1 billion investment in India and has put on hold moves to bring a new car platform to India as it re-assesses its strategy in the country, according to company officials. Full Article