google.com, pub-6370463716499017, DIRECT, f08c47fec0942fa0 AlfaBloggers Best Bloggers Team Of Asia : as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.
Showing posts with label as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.. Show all posts
Showing posts with label as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.. Show all posts

Thursday 8 November 2012

Kingfisher Airlines Ltd. 532747.BY +0.47% on Thursday posted a wider net loss for the three months ended in September, as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.


Kingfisher Airlines Ltd Loss Widens; Revenue Slides 87%

Kingfisher Airlines Ltd. 532747.BY +0.47% on Thursday posted a wider net loss for the three months ended in September, as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations.


The airline's net loss swelled to 7.53 billion rupees ($138.9 million) for the company's fiscal second quarter, from 4.68 billion rupees a year earlier. Revenue tumbled 87% to two billion rupees.

Expenditures fell 77% to 4.55 billion rupees, as Kingfisher operated fewer flights and many employees left the company.

Kingfisher Airlines Ltd  has canceled all its flights indefinitely since Oct. 1 because of a strike over salaries and a decision by India's aviation regulator to suspend the carrier's license.

A closed Kingfisher Airlines booking counter at Indira Gandhi International Airport in New Delhi, Oct. 20.

The airline's revenue has dropped as it has slashed the number of its daily flights to about 100 from 400 last year. In recent months, it operated only 10-12 planes prior to the suspension of its operations, down from 64 last year.

Kingfisher Airlines Ltd , named after India's top-selling beer, started operations in 2005 and expanded aggressively by acquiring new planes and taking over Air Deccan, then India's leading low-fare carrier, in 2007. The company also ordered the Airbus A380, the world's biggest passenger aircraft.

But it has been unprofitable from the start, hit by high fuel prices and interest rates, losses at its international operations and tough competition from rival carriers.

As of June 30, Kingfisher Airlines Ltd  had piled up losses of $1.9 billion and owed $2.5 billion to banks, suppliers and majority shareholders, according to aviation consultant CAPA-Centre for Aviation.

The crisis has worsened in recent months.









In October, pilots, engineers and technicians went on a strike, demanding payment of salaries that haven't been paid since March. The employees returned to work after 25 days, as the company promised to pay part of their salaries by the middle of November.

Meanwhile, the aviation regulator suspended Kingfisher's flying license on Oct. 20 because the airline failed to provide a plan to revive its operations.

B.K. Ramadhyani & Co., which audited the company, said Kingfisher's ability to remain viable depends on the restoration of its flying license, an infusion of funds and a restructuring of the company's debt.

In a written statement, Kingfisher Airlines Ltd  said it is "in discussions with various stakeholders to ensure that there are no future disruptions." The company added that it "expects to resume operations in the near future."

On Wednesday, Mr Pratip Chaudhuri, chairman of State Bank of India, 500112.BY +1.14% said Kingfisher needs a cash infusion of $1 billion and that it must accelerate its fundraising efforts.

State Bank of India is the carrier's main lender.

The company's lenders restructured its loans and gave it a longer tenure to repay the debt.

But they have refused to lend the airline any more unless it raises equity or gets a cash infusion from its majority shareholders. Kingfisher's parent, UB Group, 507458.BY +4.36% pumped at least 11 billion rupees into the carrier between April and the end of October.

Kingfisher Airlines Ltd  Chairman Dr Vijay Mallya recently said he was in talks with foreign carriers to sell a stake in the company. He was also in discussions with U.K.-based liquor maker Diageo DGE.LN -0.14% PLC to sell a stake in group company United Spirits Ltd. 532432.BY +3.32% as part of plans to raise cash for the Airline.





kpc-power.co.in
KPC Systems & Power Solutions,the most prestigious and progressive trader of reliable and the batteries for all automobiles, UPS, Inverters, Industrial and other .
www.philippinespilot.com
Airline Transport Pilot License - information on flight school trainingstudying for an aviation degree, military flying and all the certificates including PPL, CPL ...


newflightservices.com
NEW FLIGHT SERVICES ISO 9001:2000 CERTIFIED AVIATION ORGANIZATION . Best Pilot training in Philippines with Us


www.aerosoftseo.com/aerojobmark/home
AeroJobMark , Best Pilot Jobs ,Airplane,Aviation, jobs, Airline, Pilot, employment



missiontocanada.com
Everybody has dreamt once of becoming a pilot during their childhood and few are able to make it possible. Becoming a Pilot takes lot of pain and labour, as it is one 

www.aerosoftcorp.com
AeroSoft Corp, Aviation Company, AeroSoft Aviation SEO Company, information of aerosoft seo company, information of aerosoft aviation seo company


1. 

A-1Soft Corp Indore, Asia's Best Travel SEO and KPO Services ...

www.a-1soft.com/
A-1Soft Corp, Pioneer in Virtual Travels And Tourism Market in Asia, Travels And Tourism Company, A-1Soft Travels And Tourism SEO Company, information of ...





1. 

Best GolGappa, Asias Best B2B Portal, Pani Puri, Pani Poori,recipes ...

golgapppa.com/Share
Asias Best b2b portal, GolGappa, Pani Puri, Pani Poori,recipes,instructions, ingredients, golgapppa.




1. 

Wel come To Asiatic Air | Pilot Training Services | Jobs for Freshers ...

www.asiaticair.co.in/Share
Wel come To Asiatic Air | Pilot Training Services, helicopter pilot training in india, free pilot training in india, pilot training in india fees,commercial pilot in india, ...

Wel come To Asiatic Air


Wel come To Asiatic Air | Pilot Training Services | Jobs for ...

About Us


About Us. Asiatic International Aviation Corp. Asiatic ...

2. 

Best MCA study Material| MCA books | Best MCA college |Top ...

aerosoftseo.com/best-study-material-mca/Share
MCA | BE |BCA| MCA notes | MCA study Material| MCA books | Best MCA college |Top Colleges of India| | Notes |Notes for mca students |MCA Syllabus| MCA ...



www.golgapppa.com
Asias Best b2b portal, GolGappa, Pani Puri, Pani Poori,recipes,instructions, ingredients,golgapppa


www.aerosoftseo.com
Mission Vision Passion DBA JHR; B2B B2C OJT Blog FAQ; Search Vender Term Resources; Welcome to AeroSoftSEO. AeroSoft Corp is a very small sized newly establishing ...

Kingfisher Airlines' Loss Widens; Revenue Slides 87%
Wall Street Journal
MUMBAI—Kingfisher Airlines Ltd. on Thursday posted a wider net loss for the three months ended in September, as revenue plunged amid a sizable cut in daily flights prior to a halt in the Indian carrier's operations. The airline's net loss swelled to 7 ...
See all stories on this topic »

Wall Street Journal
Don't let Kingfisher Airlines fly, DGCA asked
Times of India
NEW DELHI: Grounded Kingfisher Airlines' (KFA) wings are getting increasingly clipped each passing day, raising doubts over its ability to fly again. Now, GVK-backed Mumbai International Airport(MIAL) asked DGCA not to allow KFA to fly again till its ...
See all stories on this topic »
Kingfisher slides deeper into red, auditors concerned over financials
Chandigarh Tribune
Flagging concern over the financials of Kingfisher, its auditors have said the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income and ...
See all stories on this topic »

Chandigarh Tribune
Kingfisher: losses widen as company sits in 'holding pattern'
Financial Times (blog)
Another quarter, another bad loss for India's embattled Kingfisher Airlines. Billionaire Millionaire liquor baron Vijay Mallya's carrier reported a net loss of $138.5m in the quarter ended in September, widening from the $86.1m loss during the same ...
See all stories on this topic »
Mallya Deal Could Provide Kingfisher Cash
Airwise
Mallya has been scrambling for nearly a year to raise funds for Kingfisher Airlines, prompting speculation that he may offload a stake in United Spirits, India's dominant spirits maker, or United Breweries, the maker of Kingfisher beer. The airline ...
See all stories on this topic »
Kingfisher Q2 loss widens to Rs 754 cr; says revival plan soon
Zee News
Mumbai: Debt-ridden Kingfisher Airlines on Thursday reported net loss of Rs 754 crore for the July-September quarter, a sharp increase from Rs 469 crore in the year-ago period, and said it is working on a plan to resume services. The revenue plunged to ...
See all stories on this topic »

Zee News
India's ailing Kingfisher Airlines sees record loss
AFP
MUMBAI — India's troubled Kingfisher Airlines, which has been grounded since October, posted a record second-quarter loss on Thursday as revenues crashed, intensifying concerns about the carrier's future. Kingfisher said it saw a net loss of 7.54 ...
See all stories on this topic »