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Grounded Kingfisher posts $132 million Q3 loss
February 12, 2014 / 4:32 AM / 4 years ago

Grounded Kingfisher posts $132 million Q3 loss

NEW DELHI (Reuters) - 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.

A Kingfisher Airlines aircraft is seen parked at the airport in New Delhi May 30, 2013. REUTERS/Anindito Mukherjee/Files

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

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