Kingfisher's Q1 net loss widens to Rs 1,156.91 cr

Kingfisher Airlines, grounded since October last year, on Wednesday reported net loss at Rs 1,156.91 crore for the quarter ended June 30, 2013.

The company had reported a net loss of Rs 650.78 crore (Rs 6.5 billion) in the same period a year-ago, Kingfisher Airlines said in a filing to the Bombay Stock Exchange.

The carrier reported nil income for the period under review as against income from operations of Rs 301.38 crore in the same quarter last year.

Shares of the company, however, ended the day 4.96 per cent higher at Rs 4.02

on the BSE.

Kingfisher had never made profit since it started operations in 2005.

KFA has been grounded since October 1 last year after a labour unrest due to non-payment of salaries which have not been paid since last May.

A lender consortium led by State Bank of India has recovered around Rs 550 crore (Rs 5.5 billion) by selling shares of the troubled airline company.

The consortium has taken possession of Kingfisher House, the corporate office of now defunct Kingfisher Airlines which owes about Rs 7,000 crore (Rs 70 billion) to its lenders.