Kingfisher reports INR16.09bn losses for FY2008-09

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Updated with results for first quarter of 2009-2010 financial year.

India's Kingfisher Airlines has posted a net loss of 16.09 billion Indian rupees ($334.9 million) for the year ending 31 March on income of 52.7 billion rupees.

Kingfisher did not provide a comparison to the figures from a year. The last fiscal year was only nine months long as that took into account the airline's integration with low-cost carrier Deccan, and the separation of the latter's charter business into a separate company. It also wanted to bring its accounting year in line with that of other firms in the UB Group, its parent company.

In the first quarter of the new financial year, Kingfisher made a net loss of 2.43 billion Indian rupees. Net income for the three months ending 30 June was 13.13 billion Indian Rupees.

The losses come amid a turbulent time for the Indian airline industry, with the carriers reeling from falling demand and high costs. Kingfisher said earlier in July that it was seeking board approval to issue shares worth 50 billion Indian rupees, and secured shareholder approval to borrow up to 125 billion Indian rupees.

The cash could allow the company to shore up its balance sheet and navigate its way out of the rough times, says a spokeswoman.

According to Flight's ACAS database, Kingfisher has 88 aircraft on order and 25 on option. The airline has ordered six types of Airbus aircraft, including 21 A320-200s, one A319-100, 15 A330-200s, three A340-500s, five A350-800s and five A380-800s. It has also ordered 23 ATR 42-600s and 15 ATR 72-500s.

Kingfisher retained its top position among Indian airlines in June, carrying 900,000 domestic passengers for a 24.4% market share.