Vijay Mallya-led Kingfisher Airlines yesterday reported a 75 per cent year-on-year jump in net losses at Rs 444 crore for the quarter ended December 2011 against Rs 254 crore a year-ago, plunging the bleeding carrier further into a financial crisis that threatens its survival. Cash-strapped Kingfisher has grounded nearly one-third of its fleet and is struggling to pay salaries to employees.The airline's operating revenue declined 19 per cent year-on-year to Rs 1,342 crore compared to Rs 1,659 crore in the year-ago period and passenger revenue declined by 16 per cent, according to a Hindustan Times report. "The company has incurred substantial losses and its net worth has been eroded," KFA said in a statement. "Steep depreciation in the Indian rupee coupled with consistently high crude oil prices has led to a challenging quarter for the Indian aviation industry," it said. Aviation experts said that the future looked bleak for KFA with no signs of fresh equity injection. "Losses are on expected lines," said Kapil Kaul, South Asia CEO, Centre for Asia Pacific Aviation, an aviation consultancy firm. "Reduction in operations have resulted in significant reduction in losses." "Fuel and interest alone are approximately 70 per cent of the total revenues which reflect the critical difficulties that KFA is facing. KFA requires USD 400-500 million immediately and the delay in raising funds will make turnaround very difficult," he added.