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New Delhi: Private carrier Kingfisher Airlines saved close to Rs 744 crore during the six-month period ended September 30, due to some changes in accounting methods, in absence of which the losses sufferred by the Vijay Mallya-promoted company would have been about Rs 1,400 crore.
The company informed the Bombay Stock Exchange about the impact of "change in the method of accounting" in a "Limited Review Report" prepared by its chartered accountants that the bourse has put on its website.
"But for the change in the method of accounting... the loss for the quarter ended September 30, 2008 would have been more by Rs 129.5 crore and for the half-year ended on that date would have been more by Rs 744.23 crore," Chartered Accountant B K Ramadhyani & Company said in their report to the board of directors of Kingfisher Airlines.
The company had reported a net loss of Rs 483.25 crore for the quarter ended September 30, and a loss of Rs 157.87 crore for the quarter ended June 30, 2008 -- resulting in a net loss of about Rs 641 crore for the six-month period ended September.
In its review report for the quarter ended September 30, the company also informed BSE that it has obtained approval of the shareholders through postal ballot for a proposal to hike its borrowing limit to Rs 7,500 crore.
Company officials were, however, not immediately available for comments.
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