The stock of Kingfisher Airilnes tumbled 5 per cent to Rs 12.01 on the BSE, after the company posted a loss of Rs 755 crore for the third quarter ended December 31, 2012. The airline, stripped of its flying licence, could not earn any income as it did not operate a single flight.

Revenue for the nine months ending at December was Rs 500 crore, down from Rs 4,827 crore when compared to December 2011.

"During the quarter under review, Kingfisher Airlines did not have any operations. The company submitted a revival/restart plan to the Directorate-General of Civil Aviation for the renewal of its scheduled operator's permit and for restart of operations," the carrier said in a stock exchange announcement.

"After announcing finance costs of Rs 401 crore, a one-time cost of Rs 201 crore due to re-delivery of aircraft (which will reduce lease rentals and other related costs going forward), the net loss was Rs 755 crore."

For the September quarter it posted a loss of Rs 753.55 crore and for June quarter, it reported loss of Rs 650.79 crore.

The Director-General of Civil Aviation (on October 20) had temporarily suspended the permit of Kingfisher following a strike by its pilots and engineers over non-payment of salaries for several months that completely grounded its fleet.

"Kingfisher has made significant progress in complying with the DGCA requirement," the airline informed the stock exchanges.

Salaries and allowances of Kingfisher employees, including pilots and engineers, have been pending for over eight months now.

(This article was published on February 5, 2013)
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