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]
Kingfisher Airlines notes erosion of net worth amid substantial losses
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UTair Aviation: Russia's number three airline returns to growth in 2016. Fleet upgrade needed
The UTair Aviation Group includes both a rotary wing (helicopter) division and a fixed wing (passenger airline) division. UTair's strategic goals for its passenger transportation division include maintaining third position and a market share of at least 10% in the domestic market; and a fleet modernisation programme through the purchase of new short and medium haul aircraft.
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