Kingfisher trims Q1 losses, plans $100-mn GDR issue

Mumbai: Vijay Mallya-led Kingfisher Airlines today said it has narrowed down its loss by Rs 50 crore to Rs 187 crore in the June quarter as against Rs 237 crore in the year-ago period.
Buoyed by the better numbers, the second largest airline also expressed confidence that it can hit markets with the proposed $100-million global depository receipts issue by the end of this quarter.
"The (GDR issue) plan is on track. We hope to hit the market by the end of this quarter," UB Group Chief Financial Officer Ravi Nedungadi told PTI here today after announcing the first quarter results.
The company has appointed merchant bankers such as Citi, Morgan Stanley and CLSA for this purpose, Nedungadi added.
This April, Nedungadi had told PTI that the company would raise funds ($100 million) through a GDR issue by the second quarter. The airline plans to float the GDR issue to reduce its debt.
"The loss after tax for the year has reduced by Rs 50 crore (Rs 187 crore against Rs 237 crore)," the company said.
22/07/10 Press Trust of India/Business Standard

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Categories: Kingfisher Jul 2010