Kingfisher Airlines, at present grounded, has reported a net loss of Rs.754 crore for the second quarter ended September 30, 2012, as compared to a net loss of Rs.469 crore in the corresponding period in the previous year.
However, Kingfisher’s auditors, BK Ramadhyani & Co., in their limited review, have flagged off discrepancies in the second quarter results, and said the net loss for the quarter would have been much higher, at about Rs.1,032 crore, had the company followed “generally accepted accounting standards” for certain income and expenses.
The auditors said the company’s reserves and surpluses, as at September 30, 2012, would have been a debit of Rs.12,155 crore as against a debit of Rs.7,339 crore reported by the company.
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The company said its losses mounted due to higher fixed and finance costs.
Due to severely curtailed operations, the airline’s revenue plunged to Rs.200 crore from Rs.1,553 crore in the same period last year.
The airline, during the quarter, reported an operating loss of Rs.220 crore.
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“After adjusting for finance cost of Rs.401 crore, a one-time cost of Rs.448 crore due to re-delivery of aircraft and restructuring / idle costs and taxes, the net loss was Rs.754 crore,” Kingfisher Airlines said.