Crisis-hit Kingfisher airline delays results

Feb 15, 2012 |

mumbai

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India's debt-laden and loss-making Kingfisher Airlines, which faces a severe financial crisis, said on Wednesday it has delayed the publication of its quarterly results because of 'hardware problems'.

The company had been due to release figures for its fiscal third-quarter to December on Tuesday, but a board meeting until late in the night failed to approve the accounts.

"Certain sections of the company's accounting IT system experienced intermittent hardware problems," the airline said on Wednesday.

The carrier said the board would meet again later on Wednesday and attempt to present the figures to the company's auditor. "Efforts are on to complete the unaudited results," it said.

The Bangalore-based carrier, which has seen its passenger market share slump in recent months, is battling a cash-flow crisis that it says was caused by soaring fuel costs and high local sales taxes as well as a domestic price war.

Shares in Kingfisher rose 1.91 per cent to Rs 26.65 in mid-morning trade, erasing losses the previous day.

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