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Kingfisher's Q3 loss at $142 million as planes sit idle

Source : REUTERS
Last Updated: Tue, Feb 05, 2013 03:58 hrs
People are silhouetted as Kingfisher Airlines' aircrafts are seen parked at an airport in New Delhi

Debt-ridden and with no customers, Kingfisher Airlines Ltd posted a 7.55 billion rupees ($142 million) loss in the three months to Dec. 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans.

Kingfisher Airlines, which has been stripped of its flying licence, owes an estimated $2.5 billion to banks, staff, airports and oil companies.

The airline, once India's second-biggest, has spent the past few months negotiating with its creditors and India's aviation authorities. The country's civil aviation minister has said Kingfisher needs at least $186 million to fly again.

Shares in Kingfisher fell 2 percent on Monday ahead of the results release. Its shares have fallen 56 percent over the past year, making it the third worst-performing global airline in terms of stock price, according to Thomson Reuters Starmine.

Kingfisher, controlled by billionaire Vijay Mallya, has never posted a profit in its eight years of operations, and lost a combined 33.1 billion rupees in 2012.



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