Accumulated losses as on Sept 30, 2012 stood at Rs 9,000 crore
Kingfisher Airlines (KFA) posted a net loss of Rs 754 crore for the quarter ended September 30, 2012 compared to Rs 469 crorefor the same period last year and Rs 650 crore in the first quarter ended June 20, 2012.
The accumulated losses of KFA as on September 30, 2012 stood at almost Rs 9,000 crore, according to its regulatory with the Bombay Stock Exchange. KFA’s negative net worth as at September 30, 2012 was Rs 7,339 crore.
The airline’s revenues for the quarter at Rs 200 crore during the reviewed quarter were down 87 per cent compared to Rs 1,553 crore in the corresponding period last year. Its idle costs arising due to truncated operations for various reasons were Rs 214 crore and Rs 208 crore in the second and first quarters respectively. Promoters held 35.84 per cent, or 28.98 crore shares of KFA’s total share capital as on September 30, 2012, out of which they had pledged 26.11 crore shares.
KFA’s auditors B K Ramadhayani & Co. said that its second quarter losses would have been higher by Rs 278 crore if it had followed accounting standards with regard to treatment of deferred tax credit, other income and accounting for repairs and maintenance of aircraft taken on operating lease.
Ajit Stanley, Student Representative, Colossus