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Kingfisher Airlines notes erosion of net worth amid substantial losses

17-Feb-2012 10:21 AM

Kingfisher Airlines chairman and MD Vijay Mallya, upon the release of the carrier's unaudited financial results for the nine months ended 31-Dec-2011, stated (15-Feb-2012) the company has "incurred substantial losses and its net worth has been eroded". He continued: "However, having regard to capital raising plans, group support, the request made by the Company to its bankers for further credit facilities, planned reconfiguration of aircrafts and other factors, these interim financial statements have been prepared on the basis that the Company is a going concern and that no adjustments are required to the carrying value of assets and liabilities." [more – original PR]