Kingfisher Airlines notes erosion of network, substantial losses

Kingfisher Airlines chairman and MD Vijay Mallya stated (07-Nov-2012) the company has "incurred substantial losses and its network has been eroded". He, however, said the carrier's financial results for the three months ended 30-Sep-2012 were prepared "on the basis that the Company is a going concern" given the "capital raising plans, group support, the request made by the Company to its bankers for further credit facilities, planned reconfiguration of aircraft and the revival plan proposed to be submitted to the DGCA for restoration of the scheduled operators permit". Dr Mallya also noted the company's "difficult cash flow situation" in the quarter and said the carrier is "confident that it will be able to have the suspension of the operating permit revoked and resume operations at the earliest". [more - original PR]