Mumbai: Kingfisher Airlines has reported a 75 per cent jump in its net loss to Rs 444 crore for the December quarter from a year earlier amid high fuel cost and a weaker rupee, said the company in a statement.
The airline which has discontinued operations on its low cost arm Kingfisher Red also saw its revenues drop 5 per cent to Rs 1547 crore.
"Steep depreciation of the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry," said the airline.
The airline has been in news for the past few months for its aircraft being grounded by the Directorate General of Civil Aviation on safety concerns.
Also, the airline which has never made profits since its inception have seen its share price plunge over 60 per cent in the past one year, bringing down the market value of the airline to 1,300 crore.
However, post the result announcement, its shares were up 2.24 per cent to Rs 27.35 at 9:15 hours.
The airline, which said last month it was in talks with Hong Kong-based distressed debt firm SC Lowy Financial for a possible investment, this month put on hold plans to join the global oneworld alliance till its completes its financial restructuring.
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