Grounded Kingfisher Airlines posts $132 million third quarter loss

Grounded Kingfisher Airlines, which has not flown in more than a year, reported yet another quarterly loss as it had no income from operations.

Kingfisher, once India's no. 2 carrier and headed by flamboyant liquor baron Vijay Mallya, said net loss was 8.22 billion rupees for its fiscal third quarter to end-December, compared with a loss of 7.55 billion rupees a year earlier.

Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion to banks, and more to airports and the tax office. Bids to revive operations have seen little success, while some creditors have filed so-called winding up petitions at a court.

Kingfisher had never reported a profit during its eight years of operations.