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Kingfisher Airlines Q4 net loss widens to Rs 2,141 crore

Kingfisher Airlines Ltd net loss widened to 21.42 billion rupees for its fiscal fourth quarter.

Written by PTI | Mumbai | Published: May 31, 2013 11:29:12 am

Kingfisher Airlines,grounded since October 1 last year,today reported net loss at Rs 2,141.80 crore for the quarter ended March,2013.

The company had reported a loss of Rs 1,151.83 crore in

the same period a year ago.

The carrier reported nil sales for the period under review as against sales of Rs 782.83 crore in the fourth quarter of FY 2012.

For the entire 2012-13,the net loss is Rs 4,001.12 crore,Kingfisher Airlines said in a filing to the Bombay Stock Exchange.

The loss in the previous fiscal was Rs 2,328.01 crore.

Accumulated losses as of March 31,2013 stood at Rs 16,023.46 crore and its networth on that date was a negative Rs 12,919.81 crore,the airline said.

Kingfisher had never made profit since it started operations in 2005.

The airline has been grounded since October and its air operations permit or the flying licence lapsed on December 31 last year,although it can be renewed within two years.

Last month,Kingfisher Airlines had submitted a fresh revival plan to DGCA,seeking permission to resume operations. But it has not yet been accepted by the regulator on the ground that it did not have no-objection certificates from various stakeholders including airports,bankers,oil marketing firms etc.

Of over Rs 7,000 crore exposure to the 17 lenders,SBI has the maximum exposure of over Rs 1,600 crore in the airline. It is followed by PNB (at Rs 800 crore),IDBI (at Rs 800 crore),Bank of India (at Rs 650 crore) and Bank of Baroda (at Rs 550 crore).

However,of late,banks have started recovering dues from the carrier and have recovered around Rs 1,000 crore as of now.

“KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks more than Rs 800-1000 crore,” SBI Chairman Pratip Chaudhuri had recently said.

The airline also has dues towards payment of service tax,income tax,as also Provident Fund of employees and dues of the oil companies. Besides,it has to pay huge amounts to the lessors of its aircraft and service providers like Airports Authority of India and some of the private airports.

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