Kingfisher Airlines shines on submitting revised flight schedule

Kingfisher Airlines Ltd. | Airlines | Travel & Hospitality | BSE: 532747 | NSE: KFA

21 Mar 2012 Evaluate

Kingfisher Airlines is currently trading at Rs. 19.25, up by 0.20 points or 1.05% from its previous closing of Rs. 19.05 on the BSE.

The scrip opened at Rs. 18.80 and has touched a high and low of Rs. 19.80 and Rs. 18.80 respectively. So far 1522313 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 49.25 on 07-Apr-2011 and a 52 week low of Rs. 17.55 on 11-Nov-2011.

Last one week high and low of the scrip stood at Rs. 22.25 and Rs. 17.70 respectively. The current market cap of the company is Rs. 1114.86 crore.

The promoters holding in the company stood at 50.51% while Institutions and Non-Institutions held 20.68% and 28.81% respectively.

Kingfisher Airlines has submitted a revised flight plan to the country's aviation regulator, according to which the airline will now operate up to 125 daily local flights with 20 planes. This development comes in the backdrop of Civil Minister warning to the debt laden carrier pertaining to the suspension of its flying license if the latter fails to furnish a believable turnaround strategy, in absence of any potential of safety being compromised.

However much towards the negative development, the beleaguered airline, which is scrambling to raise funds after having being denied finances by banks for its day-to-day operations, will put curtains on international operations by April 10,2012. In an action plan to tackle crisis submitted to government, the implementation of suspending the international operations will be done from March 25. There will be no flights to Dubai, Colombo, Kathmandu and Bangkok of the Kingfisher Airlines.

As per the airline of the turbulent times, operations of international flights will not make any sense given its suspension by IATA, which helps the airlines by serving as the middlemen between them and various service providers like caterers and ground handlers for passengers and baggage at different airports.

In absence of IATA, Kingfisher Airline will have to handle these payments directly in different currencies, which come across as logistic nightmare for the airline as IATA ensures that people and goods can move around the global airline network as easily as if they were on a single airline in a single country.

Much in the eye of the storm, the cash strapped airline in the recent past not only lacked aircraft, but also lacked funds for day-to-day operations. It has failed to meet their flight schedule, causing inconvenience to passengers and also has failed to give salaries to their employees for the past four-five months. Further, struggling to stay afloat, around 60 accounts of Kingfisher Airlines have been frozen by the tax authorities for its failure to pay taxes after levying it from the passengers.

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