After delaying release of its third quarter results for 2011-12 by a day due to ‘technical problems', Kingfisher Airlines, reported a higher loss of Rs.444.26 crore against a loss of Rs 253.69 crore in the same period last year.
A statement from the airline said, “Steep depreciation of the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry.”
The airline said that while demand in the domestic aviation industry grew 12 per cent in the quarter, 17 per cent additional capacity was also added.
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The highly competitive scenario amid high fuel costs and a weaker Indian rupee saw the debt-ridden Kingfisher's revenue dip 19 per cent to Rs.1,342 crore with a 16 per cent drop in passenger revenue. The period also saw operating loss of Rs.147 crore against an operating profit of Rs.40 crore and a negative operating margin of 9.5 per cent which was attributed “primarily to Rs.199 crore of additional fuel cost impact.”
The number of departures fell 13 per cent to 26,757 and passenger load factor dipped 8.4 basis points to 75.2 per cent during the quarter.
Kingfisher's domestic operations saw a 22 per cent drop in revenues at Rs.979 crore driven by a 19 per cent drop in passenger revenue and 4 per cent drop in capacity. It reported an operating loss of Rs.42 crore primarily due to Rs.135 crore additional fuel cost impact. Departures fell 15 per cent to 24,110 while load factor was down 7.4 basis points at 79.1 per cent.
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The international operations too were hit and revenues dipped 9 per cent to Rs.363 crore with a 4 per cent lower capacity. Operating loss was Rs.105 crore driven by Rs.64-crore additional fuel cost impact.
Departures rose 6 per cent to 2,647 but load factor dipped 9.8 basis points to 68.2 per cent.