Kingfisher Airlines’ losses have increased 81 per cent to Rs 2,142 crore in Q4 2012-13 after the airline stopped flying since last October. Total losses were up 85 per cent to Rs 4,301 crore during 2012-13. The Vijay Mallya-owned airline owes about Rs 14,000 crore to lenders, airports and others. It has never made profits since it started operations in 2005.
The carrier did not earn any income during the fourth quarter. Its income from operations during the same period previous year was Rs 601.38 crore. Kingfisher, in a note to the stock exchange, said the accumulated losses were about Rs 16,023.46 crore as of March 31, 2013. Its net worth was negative at Rs 12,919.8 crore.
The airline also said it has filed a case in the Bombay High Court against its lenders for planning to invoke various guarantees given by UB Holdings and promoter, Mallya. It added that the financial statements have been prepared on the basis that it is a going concern.