Millennium Post

KFA fourth quarter net loss widens to Rs2,141 crore

Kingfisher Airlines, grounded since 1 October last year, on Friday reported net loss at Rs 2,141.80 crore for the quarter ended March 2013.
The company had reported a loss of Rs 1,151.83 crore in the same period a year ago. The carrier reported nil sales for the period under review as against sales of Rs 782.83 crore in the fourth quarter of FY12.

For the entire 2012-13, the net loss is Rs 4,001.12 crore, Kingfisher Airlines said in a filing to the Bombay Stock Exchange. The loss in the previous fiscal was Rs 2,328.01 crore.
Accumulated losses as of 31 March, 2013 stood at Rs 16,023.46 crore and its networth on that date was a negative Rs 12,919.81 crore, the airline said.

Kingfisher had never made profit since it started operations in 2005. The airline has been grounded since October and its air operations permit or the flying licence lapsed on 31 December last year, although it can be renewed within two years.
Last month, Kingfisher Airlines had submitted a fresh revival plan to DGCA, seeking permission to resume operations. But it has not yet been accepted by the regulator on the ground that it did not have no-objection certificates from various stakeholders including airports, bankers, oil marketing firms etc. Of over Rs 7,000 crore exposure to the 17 lenders, SBI has the maximum exposure of over Rs 1,600 crore in the airline.
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