Auditors estimate higher losses at Kingfisher; flag-off issues

February 05, 2013 13:50

Auditors of debt-ridden Kingfisher Airlines today said that the carrier's third-quarter net loss would have been much higher at Rs 1,090 crore, had it followed "generally accepted accounting standards" in realisation of aircraft-related costs, taxation and loans.

For the third quarter ended December 31, 2012, Kingfisher today reported a net loss of Rs 755.17 crore -- a sharp increase of 70 per cent from Rs 444.26 crore in the year-ago quarter.

The grounded airline did not report any revenue for the quarter, as against Rs 1,367.71 crore in the third quarter of previous fiscal. Kingfisher Airlines, part of liquor baron Vijay Mallya-led UB Group, had last posted a quarterly profit in October- December period of 2006 (Rs 9.6 crore), while it has never posted a profit on full-year basis.

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