Kingfisher Airlines losses double on higher fuel costs

Sign outside Kingfisher check-in counter The airline has cancelled hundreds of flights amid reports of unpaid fuel bills and other dues

Related Stories

India's Kingfisher Airlines has reported a doubling in losses between July and September, fanning fears about its future.

The airline said it made a loss of 4.69bn rupees ($93m; £58m) during the period, compared with 2.31bn rupees last year.

The loss comes amid cashflow problems for the carrier that have seen it cancel hundreds of flights.

The airline said higher fuel costs hurt its earnings during the period.

Growing problems

India's second-biggest airline has not posted a net profit since it started operations in May 2005 and is about $1.2bn in debt.

The carrier's problems have gone from bad to worse in recent months as it has found it difficult to raise fresh capital, resulting in reports of unpaid fuel bills and other dues.

Creditors have already asked the company to raise $159m in equity so that its debts can be restructured.

The State Bank of India, the airline's biggest lender, has warned that it must come up with a credible business plan before any restructuring of its debts.

Dozens of pilots have reportedly left the airline over the past few months, although Kingfisher has maintained it reflects a normal turnover of staff.

In September the airline shut its budget carrier, Kingfisher Red, saying it no longer intended to compete in the low-cost market.

More on This Story

Related Stories

More Business stories



  • Mukesh SinghNo remorse

    Delhi bus rapist says victim shouldn't have fought back

  • Aimen DeanI spied

    The founder member of al-Qaeda who worked for MI6

  • Before and after shotsPerfect body

    Just how reliable are 'before and after' photos?

  • Lotus 97T driven by Elio de AngelisBeen and Gone

    A champion F1 designer and other notable losses

  • A poster of Boris Nemtsov at a rally in St Petersburg, Russia, 1 MarchWho killed Nemtsov?

    Theories abound over murder that shocked Moscow

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.