KFA net loss widens to Rs 754 cr in Q2
Debt-laden Kingfisher Airlines on Thursday said its net loss in the second quarter of this fiscal widened by 61% as it earned less on curtailed operations and incurred additional expenses on early redelivery of aircraft to lessors. The airline's net loss stood at R754 crore compared to Rs 468 crore in the same quarter last year, its largest ever for the second quarter.
The airline's net revenues fell close to a fourth to R200 crore from R1,552.87 crore in the same quarter last year. The sharp fall came as a result of the 'holding pattern', where KFA operated seven of its 40 aircraft and flew only about 80-85 flight daily. In the same quarter last year, the airline operated 360 flights a day.
"Kingfisher Airlines has been in a holding pattern, operating a limited schedule since March," said the airline in a statement. "The airline has reported an operating loss of R220 crore for the second quarter."
Finance cost for the quarter was more than double its revenue at R401.43 crore for the airline, which had short-term and long-term debt of close to R8,030 crore as on September 30.
In the same quarter last year, the finance cost was R334.48 crore.
The liquor baron Vijay Mallya-owned airline has been grounded since October 1 as its employees went on a strike. The airline's flying licence has also been suspended by aviation regulator Directorate General of Civil Aviation.
The DGCA has also not approved Kingfisher's winter (October to March) flying schedule. Last year, the airline offered 2,930 seats a week in the winter schedule.