Financially Strapped Kingfisher Delays Financial Results For Q3


MUMBAI – Crisis laden and loss making Kingfisher Airlines on Wednesday said its third quarter results were delayed due to technical glitch. “Certain sections of the company’s accounting 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 by the statutory auditors could not be presented to the directors for their consideration,” Kingfisher Airlines said in a filing to the BSE.

The company was scheduled to announce the earnings for the October-December quarter on Tuesday, but the board could not take up the discussion.

“Efforts are on to complete the unaudited results,” it said.

The Bangalore-based private carrier is in a financial mess and struggling to service its loans, which have run up to over Rs 6,000 crore.

For the July-September quarter, Kingfisher Airlines’ net loss doubled to Rs 468.66 crore, from Rs 230.81 crore in the same period last year. The company attributed this to depressed operating margins on account of higher fuel prices.