Kingfisher faces wider loss of Rs 444.26 cr

Mumbai, Feb 16: Due to high fuel costs and weaker rupee, the already cash-strapped Kingfisher airlines have faced a net loss wider to Rs 444.26 crore for the quarter ended Dec 31, 2011.

During the last fiscal year, the company had faced a net loss of Rs 253.69 crore, as reported by the company owner Vijay Mallya.

The company's income has declined from Rs 1,583.43 crore to Rs 1,342.32 crore in the last fiscal year, reports said.

During the morning trade, the company was selling its shares at 3% higher at Rs 27.55 on the Bombay Stock Exchange(BSE).

"Steep depreciation of the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry," said Kingfisher.

OneIndia News

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