Debt-ridden and with no customers, Kingfisher Airlines
Ltd posted a Rs 755 crore loss in the three months to December 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 results statement.
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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 Rs 1,090 crore, the auditor said in
the report that was issued by the stock exchange.
Kingfisher spent Rs 401 crore on finance costs during
the quarter and Rs 182 crore on aircraft leasing charges, although none of the
planes were used during the period.
Shares in Kingfisher fell 2% on Monday ahead of the
results release. Its shares have fallen 56% 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
Rs 3,310 crore in 2012.
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