Sachin=GOD Posted February 28, 2012 Posted February 28, 2012 Somewhere in the Bahamas' date=' 'Captain' Gopinath is relaxing in luxury yacht, off the coast of his private island and laughing his behind off. [/quote'] Not exactly. After selling Deccan he started a cargo airlines "Deccan 360" and now its been in losses and is up for sale.
Sachin=GOD Posted February 28, 2012 Posted February 28, 2012 I would like know what are the cash flow and revenue projection models for airlines in India. Pretty none of them seem to make a profit' date=' EVER.[/quote'] currently only IndiaGo is making profits. Biggest reason for such huge losses is the high prices of ATF (Jet Fuel). All the Airlines in India have to pay almost 50% more than international market.
Malcolm Merlyn Posted February 28, 2012 Posted February 28, 2012 ^^^^Spice jet Go airways are also making profits. Jet is alternately in profits and losses.
kabira Posted February 28, 2012 Posted February 28, 2012 Someone needs to file PL against SBI and other public banks, why did they gave him loan, seems to me another scam.
Stuge Posted March 27, 2012 Author Posted March 27, 2012 Kingfisher suspends operations in major cities Cash-strapped private carrier Kingfisher Airlines on Tuesday said it has temporarily suspended operations from several major cities, including Kolkata and Lucknow, and has asked nearly half of its employees to stay at home till it managed to infuse fresh funds. Vijay Mallya-owned Kingfisher which is burdened by a debt of over Rs 7,000 crore, also did not rule out laying off some staff, saying a decision on the issue would depend on various decisions to be taken by the government and its bankers about funding and related issues. As Kingfisher grapples with cash-crunch and delayed payments of salaries and other dues to its employees, a spokesperson said the airline was putting in place a ``holding planÃò pending re-capitalisation. "There are several stations to which operations have been temporarily suspended,Ãò the spokesperson said in a statement. "Since we could resume operations after getting re-capitalised, most staff at these stations have been asked to stay at home whilst remaining on the Company's rolls,Ãò the spokesperson said. Sources in the airline indicated that the carrier would now be able to fly to less than 30 cities. Among the destinations from where operations were being temporarily suspended were Kolkata, Hyderabad, Patna, Lucknow, Thiruvananthapuram and Bhubaneshwar. The airline now operates about 120 daily flights, down from more than 400 earlier. The airline, however, did not indicate the number of cities to which it has curtailed operations. The statement added that the airline has begun the summer schedule with about 120 daily flights with 20 dedicated aircraft. They said that between 40-50 per cent of about 6,000 staff have been asked to stay at home, but they would remain on the Kingfisher rolls. On the speculation about KingfisherÃÔ plans to retrench some of its staff, the spokesperson said "we are in a 'holding' pattern right now and are waiting for various decisions from the Government and our consortium of bankers on FDI policy, working capital funding, etc. All of these will have a major impact on the staffing decisions we will have to make.Ãò "In the current schedule, we have taken care to ensure that we maintain schedule integrity with 100% reliability. The DGCA are also monitoring our safety standards on a constant basis,Ãò the statement said. It said that airlineÃÔ immediate priority was to access funds to pay outstanding staff salaries. It added that as per the directions of the Income Tax Appellate Tribunal, Bangalore, the carrier has paid Rs. 44 crores towards TDS dues. http://www.thehindu.com/business/companies/article3250947.ece
veer Posted March 27, 2012 Posted March 27, 2012 i dont get it then how is banglore IPL team staying afloat?
Sachin=GOD Posted March 27, 2012 Posted March 27, 2012 i dont get it then how is banglore IPL team staying afloat? Kingfisher Airlines is completely different from Bangalore IPL team or Force India or UB.
Roshanrocks Posted March 27, 2012 Posted March 27, 2012 WHat has the pic in the OP got to do with the thread's topic? :hmmmm2:
Jersey #10 Posted March 27, 2012 Posted March 27, 2012 why would anyone want to help fund this irresposible fatty
velu Posted March 27, 2012 Posted March 27, 2012 Kingfisher Airlines is completely different from Bangalore IPL team or Force India or UB. to some extent.. but mallya pledged some of his shares in his listed companies , he migth take a big hit
beetle Posted March 27, 2012 Posted March 27, 2012 Iss mote ko iske unpaid employees ke baddua laggegi.Bastard is ready to pay big money for this and his racing team but won't pay the faithful employees who have stood by his airline.I hope he dies a pauper....
Sachin=GOD Posted March 27, 2012 Posted March 27, 2012 why would anyone want to help fund this irresposible fatty because despite the recent troubles in the Indian airlines sector, its still one of the fastest growing airline sectors in the entire world so I think many foreign airlines wold be eager to invest in Kingfisher (or any other Indian airlines).
ViruRulez Posted March 27, 2012 Posted March 27, 2012 because despite the recent troubles in the Indian airlines sector' date=' its still one of the fastest growing airline sectors in the entire world so I think many foreign airlines wold be eager to invest in Kingfisher (or any other Indian airlines).[/quote'] I agree. Govt. should open up FDI in airlines at the earliest. I would say even allow FDI in Air India etc. At least will reduce the loss burden on the country. :haha: NB: Forgot to add. But govt. should at first tell that they would not allow FDI. Then probably Mamata and Left would oppose and allow the FDI.
Sachin=GOD Posted March 27, 2012 Posted March 27, 2012 to some extent.. but mallya pledged some of his shares in his listed companies , he migth take a big hit I don't think so. FDI in Aviation will most probably be allowed by the Govt in the next few days and then foreign airlines will be willing to invest in Kingfisher which will most probably result in the share price going up again.
velu Posted March 27, 2012 Posted March 27, 2012 Problem wiht kingfisher now its debt burden, it has more than 7k crores as debt and need to pay huge interests every year. But now KFA reduced its operation and iirc they are operating only 1/4th of whatever they operated in a year back. KFA might reduce the loss , but interest payments will haunt them. Mallya is in a very tricky situation.
Sachin=GOD Posted March 27, 2012 Posted March 27, 2012 I agree. Govt. should open up FDI in airlines at the earliest. I would say even allow FDI in Air India etc. At least will reduce the loss burden on the country. :haha: NB: Forgot to add. But govt. should at first tell that they would not allow FDI. Then probably Mamata and Left would oppose and allow the FDI. Govt is in favor of 49% FDI in Aviation and its expected to take up the proposal soon. As for Indian Airlines, I don't think Govt wants to sell its stake. IIRC in the 1995 or 96 the Tata group and Singapore Airlines together wanted to buy some stake but Govt refused.
velu Posted March 27, 2012 Posted March 27, 2012 I don't think so. FDI in Aviation will most probably be allowed by the Govt in the next few days and then foreign airlines will be willing to invest in Kingfisher which will most probably result in the share price going up again. best possible case is somo one invests money in kfa, but problem is its market cap is completely eroded and 95% ++ kfa shares are pledged.. now mallya holds only 58 or 59% of kfa shares and kfa might out of his control .. few of his other company share prices are linked indirectly bcoz of pledging .. ( but he didnt pledge much of united brewaries :haha: ) if he shuts down kfa , then his pledged shares in UB sapirits , mrpl and others might get sold in the open market.. :((
Crookbond Posted October 5, 2012 Posted October 5, 2012 Kingfisher on the brink, gets DGCA notice http://www.indianexpress.com/news/kingfisher-on-the-brink-gets-dgca-notice/1012577/0 The aviation safety regulator has served a show-cause notice on Kingfisher Airlines, asking why its permit should not be cancelled for failing to provide passengers with “safe, efficient and reliable service”. The notice, which could lead ultimately to Kingfisher losing its licence to fly, suggests that the airline has not been able to adhere to its approved schedule for the last 10 months, leading up to a partial lockout this week. “The notice has been issued under section 15(2)(b) of Schedule XI of the Aircraft Rules, 1937, giving Kingfisher 15 days to reply. If the reply is not satisfactory, the Directorate General of Civil Aviation has the power to act,” a top civil aviation ministry official said. In a statement issued on Friday evening, the ministry said, “The DGCA may cancel or suspend the permit of an airline for such period as he thinks fit, if he is satisfied that the holder of the permit has failed to establish a safe, efficient and reliable service.” A majority of Kingfisher employees went on strike on September 30, protesting non-payment of salaries since March. On October 1, the Vijay Mallya-promoted airline announced a partial lockout till October 4, which was later extended to October 12. Kingfisher got a breather of sorts on Friday after State Bank of India announced it would release some funds for payment of salaries on “humanitarian grounds”. “The money that has been released by the tax authorities, 80 per cent of that will be made available to the company on humanitarian grounds, specifically to pay salaries of the employees,” SBI chairman Pratip Chaudhuri said in Mumbai. Banks stopped lending to Kingfisher after it stopped repaying loans. Kingfisher has borrowed Rs 7,000 crore.
EnterTheVoid Posted October 7, 2012 Posted October 7, 2012 Kingfisher airline staff crisis No wages for seven months! Seven months! How long can they work without their wages for? On the other hand, they can't exactly find a job elsewhere quickly as the market is so saturated with engineers, pilots and cabin crew right now. As for those engineers/technicians with highly specialised skills, it will be difficult to branch into a new career at this stage of their life. If Kingfisher goes bust, highly unlikely the banks will see a penny they invested. So, what to do? Sell a stake in United Breweries to keep afloat a sinking airline?
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