Ailing Indian carrier Kingfisher Airlines has reported a net loss of Rs6.5 billion ($118 million) for its fiscal first quarter, against a net loss of Rs2.6 billion for the same period a year earlier.
The carrier's pre-tax loss for the three months ended 30 June was Rs9.6 billion, compared with Rs3.9 billion a year ago.
Operating income for the quarter was Rs3 billion, a plunge from Rs19 billion a year earlier.
During this quarter, the cash-strapped carrier also received Rs7.5 billion from parent company UB Group "to meet its cash flow requirements".
Kingfisher attributed its losses to high fuel costs, high interest rates, the depreciation of the Indian rupee and the expenses and costs incurred from returning aircraft to lessors, and for not operating a full fleet.
In its financial report, Kingfisher also revealed that several lessors, concerned with its defaults in payments, terminated lease agreements during this period. The carrier is now in talks with these lessors to purchase the aircraft.
It adds: "Kingfisher continues to believe it will get recapitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring in fresh capital."
Last week, as pilots went on strike for non-payment of salaries, chairman Vijay Mallya also wrote a letter appealing to employees to work together to give investors confidence to invest in the carrier. He also made clear that he will not be pressured by protests, and asked those unhappy to resign.
"Why should I spend everyday to keep our airline afloat if the actions of our own colleagues lead to loss of guest confidence and lower income by cancellations of flights or low load factor that results from uncertainty?" he said.