Kingfisher Airlines Ltd. (KAIR), controlled by liquor tycoon Vijay Mallya, posted a wider fourth-quarter loss as the carrier has grounded its fleet since October because of a lack of cash.
The net loss in the three months ended March was 21.4 billion rupees ($379 million), compared with 11.5 billion rupees a year earlier, the carrier said in an e-mailed statement today. Kingfisher had no sales in the period.
India’s aviation regulator is reviewing a revival plan Kingfisher submitted in April after rejecting a previous proposal saying the funding pledged wasn’t adequate. Jet Airways (India) Ltd. (JETIN) and SpiceJet Ltd. (SJET) also posted wider than expected losses in the quarter as carriers struggle with fuel costs and a price war.
“You have to pay for aircraft lease, interest obligations and employee salaries,” said Mark D. Martin, chief executive officer of Dubai-based Martin Consulting LLC that advises airlines. “The expenses may be just there for the record.”
31/05/13 Karthikeyan Sundaram & Siddharth Philip/Bloomberg.com
To Read the News in full at Source, Click the Headline
The net loss in the three months ended March was 21.4 billion rupees ($379 million), compared with 11.5 billion rupees a year earlier, the carrier said in an e-mailed statement today. Kingfisher had no sales in the period.
India’s aviation regulator is reviewing a revival plan Kingfisher submitted in April after rejecting a previous proposal saying the funding pledged wasn’t adequate. Jet Airways (India) Ltd. (JETIN) and SpiceJet Ltd. (SJET) also posted wider than expected losses in the quarter as carriers struggle with fuel costs and a price war.
“You have to pay for aircraft lease, interest obligations and employee salaries,” said Mark D. Martin, chief executive officer of Dubai-based Martin Consulting LLC that advises airlines. “The expenses may be just there for the record.”
31/05/13 Karthikeyan Sundaram & Siddharth Philip/Bloomberg.com
