INDIA’S Kingfisher Airlines posted its worst-ever quarterly loss yesterday, as huge cuts in the number of flights, a rise in fuel costs and competition took their toll.
It is now the smallest carrier in India by market share and shares in the airline have plummeted more than 80 per cent since the beginning of 2011.
The high-profile airline, which is owned by flamboyant liquor baron Vijay Mallya, lost 11.5bn rupees (£132m) in the quarter to the end of March, compared with a loss of 3.6bn rupees a year earlier.
The carrier blamed losses on high fuel prices, a weak rupee and an “unprecedented, tough operating environment,” but said it would return to normal services within 12 months.
“The company has a focused fleet re-induction plan and hopes to be back to full-scale operations in the next 12 months,” it added in its statement.