Kingfisher Airlines Q4 net loss trebles to Rs1,151.53 crore

The Vijay Mallya owned carrier never made a profit since inception in May 2005 and for FY12 had posted a net loss of Rs2,328 crore as against Rs1,027.39 crore a year ago

Mumbai: Troubled carrier Kingfisher Airlines' loss widened to Rs1,151.53 crore in the fourth quarter of FY12 due to steep hike in fuel prices and sharp depreciation of the rupee, reports PTI.

It had net loss of Rs355.55 crore in the January-March quarter of 2010-11, Kingfisher said in a filing to the BSE.

It has been facing financial troubles for almost a year now. The airline, which never made a profit since inception in May 2005, posted a net loss of Rs2,328 crore in 2011-12 against Rs1,027.39 crore in 2010-11.

"Operational cost savings were offset by a steep hike in fuel prices and sharp depreciation of the Indian rupee, which negatively impacted over 70% of the cost base," it said in a statement.

During the quarter, income from operations stood at Rs741.28 crore as against Rs1,626.65 crore.

Due to paucity of funds, the air carrier now operates only 110 flights a day with a fleet of 20 aircraft as against 400 flights per day last year with 66 planes.

"The company has a focused fleet re-induction plan and hopes to be back to full-scale operations in the next 12 months backed by a recapitalisation plan that the company is actively pursuing and confident of achieving," Kingfisher said.

Kingfisher Airlines has a debt of Rs7,057.08 crore. The airline had a 6.4% market share in March, and was ranked below the budget carrier GoAir, which cornered 7.5% market share in the same period.

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Core sector growth slows to 2.2% in April

The cumulative growth rate of infrastructure industries during FY12 also slowed down to 4.4%, from 6.6% in FY11

New Delhi: Reflecting slowdown in the economy, the growth rate of eight infrastructure sectors slowed down to 2.2% in April on poor performance of crude oil, natural gas, petroleum refinery products and fertilisers, reports PTI.

The eight core sectors that also include coal, electricity, cement and finished steel, and have a weightage of 37.9% in the Index of Industrial Production (IIP), had grown by 4.2% in April 2011.

The cumulative growth rate of infrastructure industries during 2011-12 also slowed down to 4.4%, from 6.6% in 2010-11, according to the data released by the commerce and industry ministry today.

Natural gas and crude oil production contracted by 11.3% and 1.3% respectively during April.

Petroleum refinery products and fertiliser production shrunk 2.8% and 9.3% respectively during the month.

Coal, Steel and cement output grew by 3.8%, 5.8% and 8.6% in April 2012. In the same month last year, coal output had grown 2.7%, steel - 2.9% and cement - 0.1%.

However, electricity generation slowed down by 4.6%, from 6.4% in April 2011.

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Indian market trends

The Sensex and the Nifty both declined 4% in the fortnight. The ML Mega-cap Index and the ML...

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