NEWS| Kingfisher Airlines cuts loss; rejigs board

Kingfisher Airlines has announced its first results after taking over Deccan Aviation for the nine-month period ending March 31, 2008, with the airline’s net loss coming down by 24 per cent to Rs 188 crore.

The airline has also dropped some of the co-founders of Deccan Aviation from its board of directors and has replaced them with the nominees of the UB Group Chairman, Mr Vijay Mallya. Mr Mallya has been made the managing director of the airline and designated as chairman and the chief executive officer replacing the founder of Deccan Aviation, Capt G R Gopinath, who will now be the non-executive
Vice-chairman of Kingfisher Airlines. A press statement from the airline said while the net loss has seen a reduction, its total income reduced by 5 per cent to Rs 1,545.50 crore for the same period because it booked lesser profits from the sale of aircraft purchase rights.

For the nine-month period, it made a profit of Rs 25 crore from the sale of these rights while for the same period last year, it posted a profit of around Rs 287 crore.

16/10/08 Business Line/Moneycontrol.com