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Kingfisher Airlines posted its first operational profit of Rs 140 crore for 2010-11. It attributed the improvement to growth in demand at 20 per cent. Last year, the airline made an operational loss of Rs 690 crore.
It, however, remained in the red zone this year, too, although net loss was pared to Rs 1,027 crore (Rs 1,647 crore last year.)
This was a result of the debt recast that was completed in December 2010 besides an improved operating performance, the airline said. Net loss as a percentage of revenue halved to 15.8 per cent (31.3 per cent). It saved on interest costs after it converted a part of its debt from 13 banks into equity.
Total revenues grew 23 per cent to Rs 6,496 crore.
On the expenses side, year on year, aircraft fuel cost went up to Rs 2,274 crore (Rs 1,802 crore); employee costs fell a notch to 676 crore (Rs 688 crore) and plane lease rental costs came down to Rs 984 crore (Rs 1,093 crore).
Kingfisher said it had a market share of 20 per cent. The domestic load factor grew 10 percentage points compared to industry increase of 6 percentage points for the year.
Operating revenue for the domestic sector was Rs 4,899 crore, up 8 per cent y-o-y. For the international sector, it grew 168 per cent y-o-y to Rs 1,460 crore.
The Kingfisher Airlines stock gained 2.36 per cent at Rs 41.15 on the BSE.
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