System error? Kingfisher Airlines results delayed
Cash-starved Kingfisher Airlines (KFA) has delayed publication of its third quarter results (October-December) owing to “hardware problems”. HT reports.india Updated: Feb 15, 2012 21:10 IST
Cash-starved Kingfisher Airlines (KFA) has delayed publication of its third quarter results (October-December) owing to “hardware problems”.
The Vijay Mallya-owned carrier informed the Bombay Stock Exchange about the delay on Wednesday.
“Certain sections of the company’s accounting IT system experienced intermittent hardware problems as a consequence of which the unaudited financial results for the quarter ended December 31, 2011 and the limited review thereof by the statutory auditors could not be completed and presented to the directors for their consideration,” the airline said.
KFA has been facing severe financial problems. It was recently suspended from International Air Transport Association clearing house, which has since been restored. Its entry into oneworld alliance has been put on hold.
Regional plane manufacturer ATR has cancelled an order for 38 ATR-72 turboprop planes as KFA failed to make pre-delivery payments.
State Bank of India has declared KFA loans as non-performing asset and out of its fleet of 64 aircraft, 20 planes are grounded due to want of spares, engines and components.