Kingfisher loss widens

New Delhi, Nov. 8: Kingfisher Airlines has suffered a net loss of Rs 753.55 crore in the quarter ended September against Rs 468.66 crore in the year-ago period, taking its accumulated losses to around Rs 9,000 crore. This is the 23rd straight quarter of loss for the beleaguered airline.

Meanwhile, the auditors of Kingfisher 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 expenses.

Revenues plunged to Rs 200 crore from Rs 1,553 crore in the same period last year because of disruption in operations and eventual suspension of its licence by the Directorate-General of Civil Aviation. The airline has incurred a restructuring and idling cost of Rs 214.71 crore to maintain grounded planes.

In their limited review report, the auditors said the losses would have been higher if their "observations" about the company's accounting procedures had been considered. Besides, its "reserves and surplus" would have been a debit of Rs 12,155 crore as on September 30 against a debit of Rs 7,339 crore reported by the company.

The auditors have drawn attention to Kingfisher's financial statements being prepared on a "going concern" basis despite its net worth having been eroded.

According to the auditors, "the appropriateness of the said basis is inter-alia dependent on" the company's ability to convince the DGCA to restore its scheduled air operator's permit, infuse requisite funds for meeting its obligations, reschedule debt and resume normal operations.

However, the carrier put on a brave face and said it was working on a comprehensive plan to resume operations. "The airline is in discussion with various stakeholders to ensure that there are no future disruptions. Kingfisher Airlines expects to resume operations in the near future," a statement said.

To add to the woes, the SBI ' the largest lender to the cash-strapped carrier ' has said it wants the Kingfisher promoters to infuse a minimum of $1 billion by November-end.

"We do not put a gun on their head, but the more comes in the better because airlines are a very capital-intensive business. I think about $1 billion will be a good starting point," SBI chairman Pratip Chaudhuri said.

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 »