13-Aug-2012 11:09 AM

Kingfisher Airlines in discussions with several strategic and financial investors

Kingfisher Airlines, which has never reported a profit since its founding in 2005, stated (10-Aug-2012) its financial results for the three months ended 30-Jun-2012 were impacted by high fuel costs, high interest rates, rupee depreciation, extraordinary expenses on account of return of aircraft to the lessors and the cost associated with non-operating aircraft. "The company has suffered substantial losses and its net worth has been eroded," the airline said, while remaining optimistic about its future. "Kingfisher continues to believe it will get capitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital," the company said. Meanwhile, the carrier has received INR7.5 billion (USD136 million) from parent UB Group for its ongoing operations, it said.

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