Kingfisher Air Falls After Quarterly Loss Widens: Mumbai Mover
Kingfisher Airlines Ltd. (KAIR), the Indian carrier that’s halted flights for want of cash, fell the most in more than four months in Mumbai trading after it reported third- quarter loss widened.
Shares declined as much as 6.8 percent, poised for the biggest drop since Sept. 20. The stock traded down 2.4 percent at 12.25 rupees as of 9:27 a.m.
The net loss widened to 7.55 billion rupees ($141 million) in the three months ended December from 4.4 billion rupees a year earlier, Kingfisher said in a statement. The carrier didn’t have any sales from operations, compared with 13.7 billion rupees a year earlier, after suspending operations from Oct. 1 and its flying permit lapsed at the end of December.
The loss exceeded a 6.5 billion-rupee recovery plan that Chairman Vijay Mallya outlined to employees last month. Kingfisher, which has until December 2014 to seek renewal of its license, is working to comply with the Indian aviation regulator’s requirement for resuming flights “at the earliest,” the airline said in the statement.
Revenue other than from operations was 35.8 million rupees, compared with 1.3 billion rupees a year earlier.
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