Kingfisher Airlines posts Rs 822 crore Q3 loss

NEW DELHI: Kingfisher Airlines, the now grounded airline of Vijay Mallya-owned UB Group, posted Rs 822.42-crore loss for the third quarter ended December 31, 2013. The carrier, which hasn't flown in over a year, had a loss of Rs 755.17 crore in the same quarter last year. The airline had zero sales as it remained grounded but the finance cost of Kingfisher Airlines dropped to Rs 350.99 crore from Rs 401.26 crore in the same quarter last year.

The airline, which has had its planes taken back by lessors, also had to face a 45.83% increase in aircraft redelivery costs to Rs 400.73 crore from Rs 274.80 crore in the same quarter last year.

The airline's auditors also piled on the misery for the airline by saying that its accounts are not in accordance with "generally accepted accounting standards". BK Ramdhyani & Co, the airline's auditors said in their note that the accounting method used by the airline to calculate costs incurred on maintenance and repairs of aircraft was not in accordance with the accounting standards in India.

The airline did not reveal its maintenance costs in the financial numbers announced on Wednesday.

On Wednesday, Kingfisher's shares closed flat at Rs 2.98, a share on the BSE.