Kingfisher Airlines third quarter losses widen to Rs444.26 crore
Sales declined by 15.2% to Rs1,342.32 crore; actual losses wider due to Rs213.37 crore tax credit, says analyst
Kingfisher Airlines Ltd’s third-quarter loss widened as it cut flights during the peak season and operating costs rose on high jet fuel prices and a steep depreciation of the rupee against the dollar.
The Mumbai-based airline reported a loss of Rs444.26 crore in the three months ended 31 December compared with a loss of Rs253.69 crore in the year earlier. Sales declined by 15.2% to Rs1,342.32 crore.
The airline has been cancelling more than 50 flights a day to cope with a cash crunch. These have come during the December quarter, which is considered peak season for the industry. The airline reported a 13.4% drop in departures during the December quarter to 26,757 from 30,883 in the year earlier.
Jet fuel cost was one of the main reasons for the losses. Kingfisher Airlines’ jet fuel cost soared 36.8% to Rs738.81 crore in the December quarter.
Kingfisher, which hasn’t ever reported a profit since its inception in 2005, had debt of Rs7,500 crore as on 30 September, 2011.
It posted a loss of Rs1,027 crore on sales of Rs6,496 crore for the year ended 31 March 2011, compared with a Rs1,647 crore loss on sales of Rs5,271 crore in the year before that.
Courtesy:Livemint
No comments:
Post a Comment