Kingfisher Airlines Posts Another Quarterly Loss
Kingfisher Airlines keeps sinking in debt
Kingfisher Airlines posted another quarterly loss as the struggling Indian carrier fights to stay in business.
The airline posted losses of 6.51 billion rupees ($117.7 million) in April-June, compared with a loss of 2.64 billion rupees a year earlier.
Kingfisher has a whopping $1.4 billion in debt. Analysts project the airline, owned by liquor magnate Vijay Mallya, will need at least $500 million to keep running.
And they will need it soon.
Earlier this week, Kingfisher pilots walked off the job again because they are not getting paid. Many employees at the carrier have not been paid their salary in 4-5 months.
Kingfisher was started in 2005 and has never turned a profit.
Image: Flickr [tawheedmanzoor]
Category: Airnation
Can you only imagine the loss if they had actually paid their pilots??
India acts a good game, but there’s real lack of any oversight in that country, and Vijay Mallya is a multi-billionaire with friends in high places. They’re not about to shut that airline down although they should.
If the flying community boycotts Kingfisher, that’ll slam their door shut quickly. Baring in mind that every other airline that has recently gone under has done so with no warning, and no apparent effort to refund tickets already purchased, I’d stay away from an operation like Kingfisher that is teetering on the brink of collapse.