The revenue plunged to Rs 200 crore
during its second quarter of this fiscal from Rs 1,553 crore in the same
period last year because of disruption in operations and eventual
suspension of its license by aviation regulator DGCA.
Even as the company's expenses declined
across various heads, the firm suffered huge restructuring cost. Its tax
expenses also rose sharply.
Announcing the result, the carrier said
it is in discussions with various stakeholders to ensure that there are
no future disruptions and expects to resume operations in the near
future.
Kingfisher Airlines is preparing a
comprehensive plan for re-start of operations which will be shared with
the DGCA and bankers, the carrier said in a BSE filing.
Shares of the company were trading at Rs 12.85, up 0.16 per cent on the BSE at 1025 hrs.
The carrier is already saddled with accumulated loss of Rs 8,000 crore besides a debt burden of over Rs 7,524 crore, a large part of which has not been serviced.
The Directorate General of Civil Aviation (DGCA) had recently suspended the flying licence of Kingfisher following the airline's failure to come up with a viable plan of financial and operational revival.
It faces the risk of losing its licence
if a revival plan is not submitted by next month, while bankers are
working on plans to handle large scale defaults by the airline.
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