New Delhi: Shares in cash-strapped Kingfisher Airlines' fell more than 4 per cent to a record low, a day after saying net loss more than tripled in the January-March quarter because of higher fuel prices and a weaker rupee.
Kingfisher lost Rs 1150 crore in the fiscal fourth quarter, compared to a loss of Rs 360 crore a year ago. Revenue fell 54 per cent to Rs 740 crore.
Debt-laden Kingfisher, controlled by liquor baron Vijay Mallya, has slashed its flight network down to the bare bones as it seeks cash to continue operations and repay around $1.3 billion of loans.
Kingfisher has pared its schedule to 120 flights per day from 370 per day in September and has ditched its international operations in an attempt to bring losses under control.
The airline has become a byword for India's brutal airline industry, where carriers struggle with high taxes on jet fuel, a harsh regulatory environment and cut-throat competition that keeps fares low.
Copyright @ Thomson Reuters 2012
Kingfisher lost Rs 1150 crore in the fiscal fourth quarter, compared to a loss of Rs 360 crore a year ago. Revenue fell 54 per cent to Rs 740 crore.
Debt-laden Kingfisher, controlled by liquor baron Vijay Mallya, has slashed its flight network down to the bare bones as it seeks cash to continue operations and repay around $1.3 billion of loans.
Kingfisher has pared its schedule to 120 flights per day from 370 per day in September and has ditched its international operations in an attempt to bring losses under control.
The airline has become a byword for India's brutal airline industry, where carriers struggle with high taxes on jet fuel, a harsh regulatory environment and cut-throat competition that keeps fares low.
Copyright @ Thomson Reuters 2012
