(Adds auditor, details from statement)
MUMBAI, Feb 5 (Reuters) - 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, which has been stripped of its flying licence,
owes an estimated $2.5 billion to banks, staff, airports and oil
companies, but maintained it was "a going concern" in its
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.
Kingfisher's auditors, B.K. Ramadhyani & Co, said in its
quarterly review report that an accounting method used by the
airline to calculate costs incurred for aircraft maintenance and
repairs was "not in accordance with generally accepted
accounting standards prevalent in India."
Had it used generally accepted accounting standards, the
loss for the quarter would have been 10.90 billion rupees, the
auditor said in the report that was issued by the stock
Kingfisher spent 4.01 billion rupees on finance costs during
the quarter and 1.82 billion rupees on aircraft leasing charges,
although none of the planes was used during the period.
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 liquor baron Vijay Mallya, has
never posted a profit in its eight years of operations, and lost
a combined 33.1 billion rupees in 2012.
($1 = 53.2550 Indian rupees)
(Reporting by Henry Foy; Additional reporting by Patturaja
Murugaboopathy in BANGALORE; Editing by Daniel Magnowski and Ken