Accumulated losses as of 31 March 2013 stood at Rs16,023.46 crore and its networth on that date was a negative Rs12,919.81 crore
Kingfisher Airlines, grounded since 1st October last year, today reported net loss at Rs2,141.80 crore for the quarter ended March 2013 compared to a loss of Rs1,151.83 crore in the same period a year ago.
The carrier reported nil sales for the period under review as against sales of Rs782.83 crore in the fourth quarter of FY 2012.
For the entire 2012-13, the net loss is Rs4,001.12 crore against a loss of Rs2,328.01 crore in the previous year, Kingfisher Airlines said in a filing to the exchanges.
Accumulated losses as of 31 March 2013 stood at Rs16,023.46 crore and its networth on that date was a negative Rs12,919.81 crore.
Kingfisher had never made profit since it started operations in 2005.
The airline has been grounded since October and its air operations permit or the flying licence lapsed on 31st December last year, although it can be renewed within two years.
Last month, Kingfisher Airlines had submitted a fresh revival plan to DGCA, seeking permission to resume operations.
But it has not yet been accepted by the regulator on the ground that it did not have no-objection certificates from various stakeholders including airports, bankers, oil marketing firms, etc.
Of over Rs7,000 crore exposures to the 17 lenders, SBI has the maximum exposure of over Rs1,600 crore in the airline. It is followed by PNB (at Rs800 crore), IDBI (Rs800 crore), Bank of India (Rs650 crore) and Bank of Baroda (Rs550 crore).
However, of late, banks have started recovering dues from the carrier and have recovered around Rs1,000 crore as of now.
“KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks more than Rs800—Rs1,000 crore,” SBI chairman Pratip Chaudhuri had recently said.
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