Kingfisher Airlines loss nearly doubles to Rs 483 cr

Bangalore: Kingfisher Airlines, compunded by recent spurt in aviation turbine fuel prices snowballing into reduced air travellers due to higher costs coupled with cascading global slowdown, has posted a 90 per cent increase in its net losses to Rs 483.2 crore for the quarter ended September 30, 2008, as against a net loss of Rs 253.1 crore for the corresponding quarter of last fiscal.
However, net sales for the quarter has gone up by almost three times to Rs 1,322 crore as the quarter saw combined sales of the merged entity between Deccan Aviation and Kingfisher Airlines. Operating losses were up by nearly three times to Rs 620 crore as against Rs 266 crore for the corresponding previous quarter.
Kingfisher Airlines owned by liquor baron Vijay Mallya in a statement said the aviation industry is going through a challenging phase globally, driven primarily by spiraling fuel costs, which hit an un-precedent $147 per barrel in July 2008.
Kingfisher Airlines, which recently took a major step of alinging some of its operations with arch rival Jet Airways, said that the aviation industry was constrained to pass on at least a part of this cost push in the form of Fuel Surcharge resulting in an average 55 per cent increase in the end price paid by the travelling public.
03/11/08 Business Standard

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Categories: Kingfisher Nov 2008