Kingfisher posts Q4 net loss of Rs21.4bn

Singapore
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Kingfisher Airlines has posted a net loss of Indian rupees (Rs) 21.4 billion ($378 million) for the fourth quarter of fiscal year 2013, and said plans are underway to recapitalise the company and resume operations.

The carrier, which ceased operations last year, still incurred a number of costs in its fourth quarter, including operating expenses of Rs2.4 billion and finance costs of Rs2.33 billion, Kingfisher said in a stock exchange filing.

For the FY2013, Kingfisher's net loss was Rs23.2 billion. In the absence of income from flight operations - the carrier was grounded in October 2012 - its fourth quarter net loss was nearly double that suffered in the fourth quarter of 2012.

In the notes accompanying the earnings report, the carrier said it has accumulated losses of Rs160 billion as of 31 March, and that its net worth at that time was a negative Rs130 billion.

"The consortium of banks who had lent monies to the company have recalled their debts in April 2013," says Kingfisher. "The company has detailed plans for the renewal of its operations. It has filed the necessary application with the [directorate general of civil aviation] to renew the permit and is exploring various options to recapitalise and resume operations."