Kingfisher reports over Rs.230 crore second quarter loss

Kingfisher Airlines Monday reported a net loss of Rs.230.81 crore in the second quarter of the current fiscal.

Kingfisher Airlines Monday reported a net loss of Rs.230.81 crore in the second quarter of the current fiscal.

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However, the operating revenue of the airline company grew by 24 percent at Rs.1,382.72 crore as against Rs.1,112.70 crore in the like period in the previous year.

According to the company, the profits for the quarter would have been higher by Rs.73 crore, but for the cost incurred on account of unplanned grounding of aircraft.

"During the quarter under review approximately 30 percent of the fleet of Airbus A320 family aircraft were on ground," the company said in a regulatory filling.

The company said that with progressive return of all grounded aircraft and planned addition of capacity, the airline will continue to maintain and further build upon its market leadership position.

"Arrangements have been concluded with the engine manufacturer to ensure that these aircrafts are operational in the near future," the company said.

Kingfisher Airlines overall EBITDA (earnings before interest, taxes, depreciation and amortization) profit was Rs.55 crore for the second quarter of 2010.

The regulatory filling further said that the company is at an advanced stage of recast of its debts with its banks and that State Bank of India (SBI) has approved the debt recast proposal.