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Kingfisher, Jet Airways Need New Funding, Say Auditors.
Nov 23, 2011
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[TD="class: storyAuthor"]By Jay Menon[/TD]
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Kingfisher Airlines and Jet Airways both need infusions of capital if they are to stay afloat, according to their respective auditors.
B. K. Ramadhyani & Co., which audits debt-ridden Kingfisher Airlines, says, the carrier’s ability to meet its financial obligations is “dependent on the company’s ability to infuse the requisite funds.”
Kingfisher reported a loss of 4.69 billion rupees ($89.3 million) in the quarter ended Sept. 30, 2011, compared with 2.31 billion rupees in the same period last year, mainly because of higher fuel prices.
Similarly, auditor Deloitte Haskins & Sells and Chaturvedi & Shah, says that raising funds is important if Jet Airways’ accounts are to be prepared on a “going concern” basis in the future.[/TD]
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Nov 23, 2011
[TABLE="width: 100%"]
[TR]
[TD="class: storyAuthor"]By Jay Menon[/TD]
[/TR]
[TR]
[TD][/TD]
[/TR]
[TR]
[TD="class: storyBody"]
Kingfisher Airlines and Jet Airways both need infusions of capital if they are to stay afloat, according to their respective auditors.
B. K. Ramadhyani & Co., which audits debt-ridden Kingfisher Airlines, says, the carrier’s ability to meet its financial obligations is “dependent on the company’s ability to infuse the requisite funds.”
Kingfisher reported a loss of 4.69 billion rupees ($89.3 million) in the quarter ended Sept. 30, 2011, compared with 2.31 billion rupees in the same period last year, mainly because of higher fuel prices.
Similarly, auditor Deloitte Haskins & Sells and Chaturvedi & Shah, says that raising funds is important if Jet Airways’ accounts are to be prepared on a “going concern” basis in the future.[/TD]
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