Kingfisher Airlines' 2012-13 net loss at Rs.4,301 crore

Mumbai, May 31 (IANS) Debt-ridden Kingfisher Airlines Friday reported a net loss of Rs.4,301.11 crore for the financial year ended March 31, 2013 against a loss of Rs.2,328.01 crore the previous year.

The airline has been defunct after its scheduled air operator's permit was suspended by the Directorate General of Civil Aviation (DGCA) due to safety concerns and labour problems since October, 2012.

According to a regulatory filing at the Bombay Stock Exchange (BSE), the airline said it had incurred a loss of Rs.2,141.80 crore in the fourth quarter of the last fiscal -- up from 1,151.52 crore during the corresponding quarter of 2011-12.

The company's scrip at the BSE fell 4.98 percent or 0.31 percent around 3.00 p.m. at Rs.6.03 per share from its previous close of Rs.6.34.

The airline currently has accumulated losses of about Rs.16,023.46 crore as of March 31, 2013 and its net worth stood at a negative Rs.12,919.81 crore.

The airline has an estimated debt of around Rs.8,000 crore, which it owes to a consortium of banks, aircraft leasing companies, airport operators, oil marketing companies (OMCs) and other vendors.

It has also failed to clear its employees' dues for several months.

The airline said in the filing that it has come up with detailed plans for renewal of operations.

"Based on the detailed evaluation of the current situation, plans formulated and active discussions underway with prospective investors, the management is confident of raising adequate finance, obtaining renewal of permit, rescheduling of debt and receiving continued support of the (United Breweries Group) group," the airline said in the filing.

On April 10, 2013 the airline had submitted to the DGCA a plan to restart operations but the aviation regulator said the plans were incomplete.

The company had said that it plans to initially start operations with funding coming in from the parent UB Group, with a total fleet of seven aircraft. The funding alone was estimated at around Rs.650 crore to pay salaries, refurbish planes and fund operations.

The company earlier submitted a similar plan to the DGCA in December 2012, after the aviation regulator cancelled its flying licence over safety concerns on Oct 20, 2012.

The airline was then asked to prepare a credible revival plan and present it to the DGCA, which will take a final call on restoring the airline's operating licence.

However, the last plan was rejected, dashing the airline' hopes to restart in the current summer schedule.

Matches

MORE TOP STORIES TODAY

Bangalore's arsenal blazes to victory

Bangalore's arsenal blazes to victory

Yuvraj Singh was back to his best in his first match for Royal Challengers Bangalore. More »

Time for Chennai to enter familiar cocoon

Time for Chennai to enter familiar cocoon

Chennai have been able to purchase batting replacements for the loss of Michael Hussey and spin reinforcements in the form of Samuel Badree. They appear… More »

Evenly matched Rajasthan and Hyderabad face-off

Evenly matched Rajasthan and Hyderabad face-off

A quality that defines Rajasthan and Hyderabad is consistency. Rajasthan was one among two teams to enjoy complete dominance at home last season. Hyderabad… More »

BCCI to meet before next court hearing

BCCI to meet before next court hearing

The BCCI will hold an emergent working committee meeting on April 20 to discuss the future course of action with regard to the Supreme Court hearing concerning… More »

Kallis, Narine star in Knight Riders’ crushing win

Kallis, Narine star in Knight Riders’ crushing win

An all-round display saw Knight Riders thump Mumbai Indians by 41 runs in the IPL-7 opener. More »

Gavaskar wants a clean IPL

Gavaskar wants a clean IPL

"Integrity is non-negotiable..." says the BCCI's interim chief ahead of Season 7 of the tainted league. More »

'Yak' Kallis still on top of his game

'Yak' Kallis still on top of his game

The 38-year-old South African veteran turned it on for Kolkata Knight RIders in the opening match of IPL-7. More »

Srinivasan named in fixing report: SC

Srinivasan named in fixing report: SC

The court emphasised that the tainted administrator can no longer work for the BCCI. More »

Yuvraj happy to play for RCB: Kohli

Yuvraj happy to play for RCB: Kohli

New-look RCB will play their first game of IPL-7 on Thursday. More »

Shane Watson issues moral warning

Shane Watson issues moral warning

'Everyone knows what is right and what is wrong and if you do the wrong thing it will be found out' More »

Why I'm not looking forward to the IPL

Why I'm not looking forward to the IPL

Welcome to another season of a league that many watch but few trust. More »

IPL: News Line

IPL: News Line

A round-up of all the news from this season of the IPL. More »

Johnson may quit T20s for Tests

Johnson may quit T20s for Tests

Australia's Mitchell Johnson may quit limited-overs cricket to prolong his test career with an eye on the 2015 Ashes series in England, the fast bowler… More »

Nepal players call off boycott

Nepal players call off boycott

Thaw in relations after formation of an advisory committee that would work in tandem with the Cricket Association of Nepal. More »

There's a lot going on: Fleming

There's a lot going on: Fleming

He experienced anxious moments in the lead-up to the tournament as the courts decided on whether to suspend the franchise, he said, but stressed that the… More »

Latif couldn’t work with tainted players

Latif couldn’t work with tainted players

Former Pakistan cricket captain Rashid Latif said Tuesday he turned down the job of national chief selector because he could not work with ex-players tainted… More »

We are not over-confident: Bailey

We are not over-confident: Bailey

Indian Premier League — George Bailey-led Kings XI Punjab will face Chennai Super Kings on Friday. More »

Big runs expected, with bat and ball

Big runs expected, with bat and ball

Royal Challengers Bangalore: Their main concern, once again, is the fast bowling More »

Taxing issue — BCCI hits roadblock

Taxing issue — BCCI hits roadblock

MoU between BCCI & its units to avoid double taxation delayed after a few decline to share details. More »

Black Caps pick rookie duo for West Indies

Black Caps pick rookie duo for West Indies

New Zealand selectors included two new caps in a 15-man Test squad named Tuesday to tour the West Indies, with injury-hit spinner Dan Vettori's future… More »

The stage is set for IPL-7 to start

The stage is set for IPL-7 to start

The Preview — Defending champions Mumbai Indians take on Kolkata Knight Riders More »

Srinivasan appeals to court to allow BCCI comeback

Srinivasan appeals to court to allow BCCI comeback

He was aggrieved by the allegations against him during the hearing. More »

India: cricket's Brazil

India: cricket's Brazil

They are tough to beat with a big talent base exposed to good facilities. (CYCSPL) More »

Delhi Daredevils say no to gifts

Delhi Daredevils say no to gifts

Franchises are doing their bit to refurbish the image of the tainted league. More »