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Kingfisher scrip nosedives on losses

On a day of lows, Kingfisher Airlines scrip touched its own all-time low of Rs. 10.5 after another round of dismal results. The beleaguered airline’s stock touched a new 52-week low of Rs. 10.2 during the day on the BSE, before closing at Rs. 10.50, down by 5% from the previous close.

business Updated: May 31, 2012 23:03 IST
HT Correspondent

On a day of lows, Kingfisher Airlines scrip touched its own all-time low of Rs. 10.5 after another round of dismal results. The beleaguered airline’s stock touched a new 52-week low of Rs. 10.2 during the day on the BSE, before closing at Rs. 10.50, down by 5% from the previous close.

The debt-strapped airlines on Thursday posted Rs. 1,152 crore loss in the March quarter of 2011-12 from Rs. 356 crore during the corresponding period last year, up by more than 200%.

The Vijay Mallya-led airlines blamed the loss on high fuel prices and depreciating rupee.

“The fuel prices have increased by over 40% over the last year, compounded by a weakened rupee,” the company said in a statement.

The company’s topline too remained under stress and operational income reduced to Rs. 741 crore in the fourth quarter from Rs. 1,627 crore during the same period last year.

In the quarter under review, the company also did some cost cutting by curbing employees cost. The employee costs came down to Rs. 137 crore from Rs. 172 crore in the previous quarter last year. The aircraft lease rental also came down to Rs. 100 crore from Rs. 247 crore during the year-ago quarter.

The company’s annual net loss jumped by 126% at Rs. 2,328 crore in the year ended March 31, 2012 from from 1,027 crore last year.

Earlier on Wednesday, Kingfisher shares had touched its then low of Rs. 11.1 on fears of the company’s financial performance.