Indian airline Kingfisher posts widening losses

Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter as its billionaire chief Vijay Mallya was set to announce plans to keep the troubled Indian carrier afloat.

India's second-largest airline by market share posted a net loss of 4.69 billion rupees (ê93 million) for its fiscal second quarter, against a loss of 2.31 billion rupees in the same period a year earlier.

The airline has cancelled more than 200 flights in the past week, raising fears it could go bankrupt.

Kingfisher has been one of India's worst-hit airlines in an industry plagued by high jet fuel prices, fierce competition and inadequate airport infrastructure.

The board of the struggling carrier has been in a series of closed-door meetings in the past few days to look for ways to slash debt and keep the airline flying.

The board is considering a sale of property to raise funds, sources have said.

Revenues for the quarter rose 10 per cent to 15.28 billion rupees, Kingfisher said in a statement posted to the Bombay Stock Exchange.

Aircraft fuel costs surged 70 per cent to 8.17 billion rupees in the period, the airline added.