Mumbai: Kingfisher Airlines Ltd. on Thursday posted a wider net loss for the three months ended in September, as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.
The airline's net loss swelled to 7.53 billion rupees ($138.9 million) for the company's fiscal second quarter, from 4.68 billion rupees a year earlier. Revenue tumbled 87% to two billion rupees.
Expenditures fell 77% to 4.55 billion rupees, as Kingfisher operated fewer flights and many employees left the company.
Kingfisher has canceled all its flights indefinitely since Oct. 1 because of a strike over salaries and a decision by India's aviation regulator to suspend the carrier's license.
The airline's revenue has dropped as it has slashed the number of its daily flights to about 100 from 400 last year. In recent months, it operated only 10-12 planes prior to the suspension of its operations, down from 64 last year.
08/11/12 Anirban Chowdhury and Saurabh Chaturvedi/Wall Street Journal
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The airline's net loss swelled to 7.53 billion rupees ($138.9 million) for the company's fiscal second quarter, from 4.68 billion rupees a year earlier. Revenue tumbled 87% to two billion rupees.
Expenditures fell 77% to 4.55 billion rupees, as Kingfisher operated fewer flights and many employees left the company.
Kingfisher has canceled all its flights indefinitely since Oct. 1 because of a strike over salaries and a decision by India's aviation regulator to suspend the carrier's license.
The airline's revenue has dropped as it has slashed the number of its daily flights to about 100 from 400 last year. In recent months, it operated only 10-12 planes prior to the suspension of its operations, down from 64 last year.
08/11/12 Anirban Chowdhury and Saurabh Chaturvedi/Wall Street Journal
