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Indian airline Kingfisher posts widening losses

MUMBAI, November 15, 2011 (AFP) - Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter, as its billionaire chief Vijay Mallya was set to announce plans to keep the Indian company afloat.
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The country's second-largest airline by market share showed a net loss of 4.
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69 billion rupees ($93 million) for the second quarter, against a loss of 2.31 billion rupees in the same period a year earlier.
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The airline has cancelled more than 200 flights in the past week, raising fears it could go bankrupt.

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Kingfisher has been one of India's worst-hit airlines in an industry plagued by high jet fuel prices, fierce competition and inadequate airport infrastructure.

The board of the struggling carrier has been in a series of closed-door meetings in the past few days to look for ways to slash debt and keep the carrier flying.

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Revenues for the quarter rose 10 percent to 15.


28 billion rupees, Kingfisher said in a statement to the Bombay Stock Exchange.

Aircraft fuel costs surged 70 percent to 8.

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17 billion rupees in the period.
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Shares in the airline were marginally up 0.20 rupees or 0.94 percent at 21.55 after the announcement.

Kingfisher board members have met banke

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