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Vijay Mallya's Kingfisher Airlines, which is grounded for over a year, today reported a massive Rs 716 crore net loss in the Q2 (September quarter).
In the year-ago period, the airline had reported net loss of Rs 754 crore, Kingfisher Airlines said in a filing to the stock exchanges.
Kingfisher Airlines, headed by liquor baron Vijay Mallya, has been grounded after employees went on strike demanding salaries.
Despite not paying salaries for the past 14 months, Kingfisher Airlines allocated Rs 50.8 crore towards employee expenses in the reporting quarter, against Rs 59 crore in the year ago period.
Similarly, in default of debt servicing since January 2012, the crippled carrier's financial result statement shows Rs 345.5 crore towards finance costs as against Rs 421.4 crore year ago.
From January 2012, Kingfisher Airlines has not been servicing its over Rs 7,500 crore bank loans and bankers are in the recovery process. So far, banks have been able to recover only around Rs 1,000 crore by selling pledged shares.
Kingfisher Airlines reiterated today that it is exploring various options to recapitalise and resume operations and talks are on with prospective investors.
Shares of Kingfisher Airlines fell by 1 per cent to Rs 5.64 today on the BSE. It is currently valued at Rs 456 crore.
Yesterday, low-cost carrier SpiceJet reported a whopping Rs 559 crore net loss in the September quarter, while the second largest Jet Airways group last month reported a record quarterly loss of Rs 891 crore.
Vijay Mallya's grounded Kingfisher Airlines posts $114 mn loss in Q2
(Reuters) India's Kingfisher Airlines Ltd, which has been grounded for more than a year, reported yet another quarterly loss with no income from operations.
Net loss was 7.16 billion rupees ($114.4 million) for its fiscal second quarter ended Sept. 30, compared with a net loss of 7.54 billion rupees a year earlier, Kingfisher said in a filing to the stock exchanges on Friday.
Kingfisher, once India's no.2 carrier and headed by flamboyant liquor baron Vijay Mallya, has not flown since October last year for want of cash. Bids to revive operations have seen little success so far.
The company reiterated on Friday that it was exploring various options to recapitalise and resume operations and that talks were on with prospective investors.
Kingfisher was in talks with a foreign investor for a potential stake sale, Chairman Mallya had said on Sept. 24, without naming any investor. Mallya has said several