Kingfisher posts net loss of Rs7.16bn for Q3

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Grounded Indian carrier Kingfisher Airlines recorded a net loss of Rs7.16 billion ($113 million) for the quarter ended 30 September.

In financial statements lodged with the Indian Stock Exchange, the airline says it did not generate an operating income over the quarter due to its grounding. It recorded a loss from operations of Rs1.3 billion, down from the Rs4.7 billion recorded in the previous corresponding period, when the airline was still operating.

Cash and cash equivalents for the carrier stood at Rs221 million at the end of the quarter.

Despite the continued losses, the beleaguered carrier maintains that it “has been exploring various options to recapitalise and resume operations”, and that it plans to seek a restructuring of its debts and introduce new investors.

Kingfisher had its air operator's permit suspended in October 2012 after authorities raised concerns about the safety of the airline due to its poor financial state. The permit subsequently lapsed in December that year, but the airline insists that it has two years to reapply for it before it is cancelled.

Kingfisher’s chairman, Vijay Mallya, said recently that he had been in discussions with potential investors and was hopeful of securing new investment soon, but no details of potential investors have been released.