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Friday, 9 November 2012

Kingfisher Airlines net loss, as expected, has increased 61 per cent to Rs 753 crore



Kingfisher Airlines net loss, as expected, has increased 61 per cent to Rs 753 crore (Rs 7.53 billion) for the second quarter, compared to Rs 468 crore (Rs 4.68 billion) a year ago.



Total income plummeted eight times to Rs 200 crore (Rs 2 billion) from Rs 1,552 crore (Rs 15.52 billion).

The operating loss was Rs 202 crore (Rs 2.02 billion), and due to adjusting for finance cost of Rs 401 crore (Rs 4.01 billion), a one-time cost of Rs 448 crore (Rs 4.48 billion) due to re-delivery of cost and restructuring, the net loss was at Rs 753 crore (Rs 7.53 billion.

The company has a significant debt of Rs 8,000 crore (Rs 80 billion) to a consortium of Indian bankers; the company has not been able to service the interest costs for most part of the last year.

The UB-Group-owned airline said it was continuing with its holding plan and was preparing to file a comprehensive revival plan.

Red flag

Raising concern on the financials, Kingfisher's auditors said the carrier's second-quarter net loss could have been much higher, at Rs 1,032 crore (Rs 10.32 billion), had it followed 'generally accepted accounting standards' for certain income and expenses.

Its 'reserves and surplus' would have been a debit of Rs 12,155 crore (Rs 121.55 billion) as on September 30, against a debit of Rs 7,339 crore (Rs 73.39 billion) reported, auditors said.

The auditors have drawn attention to financial statements being prepared on a 'going concern' basis despite net worth having been eroded.

"The appropriateness of the said basis is dependent on the company's ability to obtain restoration of the air operator's permit, infuse funds, rescheduling of debt and resuming normal operations," the auditors said.

Kingfisher's Q2 revenues plunged to Rs 200 crore (Rs 2 billion), from Rs 1,553 crore (Rs 15.53 billion) in the same period last year because of disruption in operations and eventual suspension of its licence by aviation regulator DGCA.

The report has also highlighted the method of accounting of costs incurred on major repairs and maintenance of aircraft being taken on operating lease of "Rs nil".

"In our opinion, this treatment is not in accordance with generally accepted accounting standards prevalent in India [ Images ]," the auditors said in their limited review report.

The carrier has said it is in discussions with various stakeholders to ensure that there are no future disruptions and expects to resume operations in the near future.

The auditors further said that Kingfisher, in past, has included as 'other income' certain subsidy provided by one of its suppliers, although the company's auditors at that time had opined this treatment in non-accordance with the government's Accounting Standards.

The current auditors have also concurred with that view.











India's Kingfisher shares jump on United Spirits, Diageo deal
CNBC.com
MUMBAI (Reuters) - India's debt-laden Kingfisher Airlines <KING.NS> extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits <UNSP.NS> to Diageo <DGE.L>, on hopes the money raised could be used ...
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Diageo-United Spirits deal independent of Kingfisher Airlines issue: Vijay Mallya
Economic Times
Seeking to clarify speculation on what the deal could mean for the debt-riddenKingfisher Airlines, Mallya said, "We have multiple businesses and each business operates independent of each other. There is no cross contamination. There never has been, ...
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Economic Times
Not much in it for lenders
Times of India
MUMBAI: Bankers to Kingfisher Airlines face the tough choice of taking a large haircut through a one-time settlement or work out a very long-term restructuring package which would mean waiting for years before they see their money. A decision would ...
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'Kingfisher's Rs 753-cr loss could have been more'
Rediff
Kingfisher Airlines net loss, as expected, has increased 61 per cent to Rs 753 crore (Rs 7.53 billion) for the second quarter, compared to Rs 468 crore (Rs 4.68 billion) a year ago. Total income plummeted eight times to Rs 200 crore (Rs 2 billion) from ...
See all stories on this topic »
Rediff
Nifty ends below 5700; Kingfisher locked in upper circuit
Economic Times
Kingfisher Airline Ltd extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits to Diageo, on hopes the money raised could be used to revive the carrier. The stock rose almost 5 per cent and is ...
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Economic Times
Kingfisher Capital CLO sells 5% stake in Nava Bharat Ventures
Economic Times
About 45.33 lakh shares, representing little over five per cent in the company, were sold byKingfisher Capital on November 7, according to a regulatory filing. The shares were offloaded through open market transaction on the National Stock Exchange.
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Kingfisher Stock Rating Reaffirmed by Jefferies Group (KGF)
Daily Political
Kingfisher (LON: KGF)'s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group in a report released on Friday. They currently have a $5.27 (330 GBX) target price on the stock.Kingfisher opened at 284.90 on Friday. Kingfisher has ...
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Airhostess Geetika Sharma hanged herself after cancellation of Flat: Anuradha Sharma Mother




MDLR Airlines Airhostess Geetika Sharma, who accused her boss and former Haryana minister Gopal Goyal Kanda of harassment in a suicide note, hanged herself a day after the family received the first of two letters informing them that the allotment of a flat in Gurgaon had been cancelled, her mother said.

Kanda and his colleague Aruna Chadha have been arrested and charged in connection with Geetika’s death.

Geetika’s mother Anuradha Sharma told Newsline: “We bought a house from a builder through Kanda. He knew the builder and told us it seemed a good investment. My husband paid Rs 18 lakh as the first instalment... Geetika returned home from Mumbai on the morning of August 3 when we received the first letter stating that the allotment of the flat had been cancelled. On August 4 morning, we received the second cancellation letter. Geetika felt really bad about it. I guess she realised that Kanda had started using his political muscle to trouble the family. Later that night, she hanged herself.”

Anuradha claimed that Kanda tried to turn the family against Geetika in the days before her death. “He told me my daughter did not have a good character, that she had many boyfriends. He claimed to know their names and said he would tell me about them. I told him I knew my daughter well and did not need to know anything about her from him,” she said.

Kanda claimed Geetika had committed a fraud in his company and laundered money. She quoted him as saying he was “somehow controlling” his colleague Aruna Chadha who planned to send Haryana policemen to arrest Geetika.

Anuradha said Aruna too spoke to the family and described Geetika as “unprofessional” who “kept joining and leaving the company”.

“She told me my daughter was not right, that I did not know what had happened two years ago. I told Aruna she should be ashamed of herself.”

She said Kanda always mounted pressure on Geetika and the family to make sure she stayed near him. Recalling the time when Geetika quit MDLR to join the Emirates in Dubai, Anuradha said he forced her to meet him in Khan Market.

“I used to work at the Jammu and Kashmir House. He forced me to come to a restaurant in Khan Market and told me that Dubai is not a nice place... and we should immediately bring her back. I told him my daughter had a job in an international airline of repute, that she would never work for his company again. He asked me thrice whether I would bring back Geetika. Each time I said no, he looked at me strangely. He left abruptly with his securitymen,” Anuradha said.





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2.Is a self starter and go better.
3.Strives for growth, success and excellence.
4.Is enthusiastic to learn new skills. 5.Loves her work and organization.
Openings :
1. Junior HR Executive
2. Marketing Executive
3. Data Entry Operator
4. Air Ticketing Officers
5. SEO
6. Officer Account
7. Manager Public Relation
8. Work At Home
9. Software Developer
10. HR Manager
11. Marketing Manager
12. Direct Business Associates (DBA)
13. On Job Trainee (OJT)
14. Web Masters
If you think you have all the above mentioned skills and qualities in you then you are the person we are looking for. To Promote No Frill Low Cost Recession Proof Win-Win Aviation KPO Services.

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Asiatic International Aviation Corp [Asiatic Air]

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Civil Aviation Ministry grants new rights to Indian carriers
Business Standard
Civil aviation minister Ajit Singh also given nod to Indian carriers to start more foreign flights allocating additional traffic rights till winter 2013. New routes are also being opened up with the ministry giving permission to start services to Rome ...
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No timeframe set for Kingfisher's revival plan: DGCA
NDTV
Aviation regulator Directorate General of Civil Aviation (DGCA) said that no timeframe has been set for the debt-ridden Kingfisher Airlines to submit its comprehensive revival plan. Arun Mishra, the Director-General of Civil Aviation, said the proposal ...
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Himachal airports remain shut, hit hospitality trade
Hindustan Times
Former union minister and five-time chief minister Virbhadra Singh met union Minister for civilaviation Ajit Singh in New Delhi Thursday and apprised him about the problems the state is facing after the closure of the airports. "Virbhadra Singh met ...
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Aviation and shipping should be in climate targets, MPs urged
SHD Logistics
The influential Energy and Climate Change Committee (ECC) is urging UK government not to excludeaviation and shipping from the UK's 2050 climate target. The chair of the committee of MPs, Tim Yeo, wrote a letter to the Department of Energy and Climate ...
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Asia Pacific aviation leaders urged to focus on airport, air traffic ...
The Borneo Post
KUALA LUMPUR: The International Air Transport Association (IATA) urged Asia-Pacific aviationleaders to focus on airport and air traffic management infrastructure as the region's demand for connectivity continues to grow. Its director general and chief ...
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Thursday, 8 November 2012

Is Kingfisher Airlines Ltd a Big Time Scam ?



Is Kingfisher Airlines Ltd a Big Time Scam ?

 Is it worth to Work with persons Like Dr Vijay Mallya
Or Mr Gopal Goyal Kanda just for sake of big Money ? 
Kingfisher Airlines auditor hints scam?


Flagging concern over the financials of Kingfisher Airlines, its auditors have said the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income and expenses.

 The carrier today posted net loss of Rs 754 crore for the fiscal's second quarter ended September 30 - a widening of 61 per cent from Rs 469 crore in the year-ago quarter – taking its accumulated losses to close to Rs 9,000 crore.

 In their 'limited review report' for its second quarter results, the auditors said the losses would have been Rs 1,031.77 crore if their certain "observations" about the company's accounting procedures had been considered.

 Besides, its 'reserves and surplus' would have been a debit of Rs 12,155 crore as on September 30, 2012, as against a debit of Rs 7,339 crore reported by the company, auditors said.

 The "observations" refer to the issues flagged by the auditors about the financial statements being reviewed by them.

 The auditors have drawn attention to Kingfisher's financial statements being prepared on a 'going concern' basis despite its net worth having been eroded.

 "The appropriateness of the said basis is inter-alia dependent on the company's ability to obtain restoration of the scheduled air operator's permit by the DGCA, infuse requisite funds for meeting its obligations, rescheduling of debt and resuming normal operations," the auditors said.


 Kingfisher's Q2 revenues plunged to Rs 200 crore, from Rs 1,553 crore in the same period last year because of disruption in operations and eventual suspension of its licence by aviation regulator DGCA.







New storm: Airlines scrap flights
Indian Express
A new storm brought heavy rains, snow and powerful winds to New York and New Jersey, leaving over 1700 flights cancelled and thousands of residents without power in the US East Coast, which is still reeling under the devastating impact of hurricane ...
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Big airlines suspend New York flights for one day
Times of India
The Port Authority, which runs the airports, said "due to inclement weather forecasted for Wednesday, November 7th through Thursday, November 8th, travelers (at JFK) should check with their airlines for the status of their flights." The gale is not ...
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Kingfisher Airlines auditor hints scam?
Indian Express
Flagging concern over the financials of Kingfisher Airlines, its auditors have said the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income ...
See all stories on this topic »
Kingfisher Airlines posts net loss; pressure mounts
Reuters India
NEW DELHI (Reuters) - Debt-ridden Kingfisher Airlines(KING.NS) put on a brave face on Thursday after announcing a record loss for the second quarter, saying a recovery plan is in the works and its grounded jets will take to the skies soon. The airline ...
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Airlines, airport told to prepare for fog
Times of India
NEW DELHI: In anticipation of fog in the coming winter months, civil aviation minister Ajit Singh has asked airlines and airport management to take all steps essential in maintaining smooth operations without inconveniencing passengers during days of ...
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Kingfisher Airlines loss widens to Rs.754 cr
Livemint
Mumbai: The losses of Kingfisher Airlines Ltd widened to Rs.753.55 crore for the September quarter of the current fiscal against Rs.468.66 crore for the corresponding quarter of the previous year owing to high finance costs, redelivery of planes and ...
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Livemint
Kingfisher Airlines Limited Financial Result Updates
Moneycontrol.com
Kingfisher Airlines Limited Financial Result Updates. Kingfisher Airlines Limited has submitted to the Exchange the Standalone Financial Results along with the Limited Review Report for the period ended September 30,2012. More Announcements on: ...
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Air India vacates Airlines House
Times of India
THIRUVANANATHAPURAM: Air India has moved its staff from the iconic Airlines House, the erstwhile Indian Airlines ticketing office located at Mascot Hotel junction, into the Air India office at Vellayambalam. While the move is considered to be part of ...
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Airlines Expect Slightly Busier Thanksgiving
Wall Street Journal
U.S. airlines expect to carry 23.7 million passengers over the Thanksgiving travel period, about 150,000 more than last year but still 10% below the peaks reached in 2006 and 2007, according to industry trade group Airlines for America. John Heimlich ...
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