NEW DELHI – Debt-ridden Kingfisher Airlines reported that its net loss doubled to Rs 468.66 crore in the quarter ended September 30, 2011, as higher fuel prices depressed operating margins.
The debt-ridden carrier had reported a net loss of Rs 230.81 crore in the same period last year, Kingfisher Airlines said in a regulatory filing to the Bombay Stock Exchange.
The company’s income from operations, however, rose by 10.5 percent to Rs 1,528.16 crore in the July-September quarter from Rs 1,382.72 crore in the year earlier period. Meanwhile, shares of the company were trading at Rs 21.50 apiece, up 0.70 percent from their previous close on the BSE at 0930 hours.
Bankers have made it clear that Kingfisher’s promoters will have to infuse Rs 800 crore worth of fresh equity into the company if they are to consider a second restructuring of existing debt, even as opposition mounted to any bailout of the private carrier. The bankers have asked the troubled airline to come out with a “credible” plan.
The lenders — a 13-bank consortium led by SBI, who were yet to decide on ways to soften the troubled airline’s Rs 7,057.08 crore debt burden — are due to meet Kingfisher management today. Kingfisher had suffered a loss of Rs 1,027 crore in 2010-11 and is estimated to have debt of over Rs 7,000 crore. The airline has cancelled several flights over the past few weeks.