Mumbai: Auditors of grounded Kingfisher Airlines Ltd today said the company's financial results for the quarter ended December 31, 2013, are not in accordance with the "generally accepted accounting standards".
Vijay Mallya-promoted Kingfisher Airlines reported a net loss of Rs 822.42 crore for the third quarter ended December 31, 2013.
Kingfisher Airlines, which has not flown for more than a year, had reported a loss of Rs 755.17 crore a year earlier.
With planes remaining on the ground, the airline had nil sales in the reporting quarter, similar to zero sales a year ago.
The auditors, B K Ramadhyani & Co, said the accounting method used by the airline to calculate costs incurred on maintenance and repairs of aircraft was "not in accordance with generally accepted accounting standards prevalent in India."
For the nine-month period ended December 31, 2013, losses would have been lower at Rs 2,636 crore, the report stated. Kingfisher Airlines during this period reported a net loss of Rs 2,694.89 crore. Besides, the company's reserves as on March 31, 2013, would have been debit of Rs 14,340 crore as against the reported figure of debit of Rs 14,281 crore, it said.
12/02/14 PTI/Financial Express
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Vijay Mallya-promoted Kingfisher Airlines reported a net loss of Rs 822.42 crore for the third quarter ended December 31, 2013.
Kingfisher Airlines, which has not flown for more than a year, had reported a loss of Rs 755.17 crore a year earlier.
With planes remaining on the ground, the airline had nil sales in the reporting quarter, similar to zero sales a year ago.
The auditors, B K Ramadhyani & Co, said the accounting method used by the airline to calculate costs incurred on maintenance and repairs of aircraft was "not in accordance with generally accepted accounting standards prevalent in India."
For the nine-month period ended December 31, 2013, losses would have been lower at Rs 2,636 crore, the report stated. Kingfisher Airlines during this period reported a net loss of Rs 2,694.89 crore. Besides, the company's reserves as on March 31, 2013, would have been debit of Rs 14,340 crore as against the reported figure of debit of Rs 14,281 crore, it said.
12/02/14 PTI/Financial Express
