On Friday Mumbai, It was reported that the India’s second largest airline by traffic named as the Kingfisher Airlines has a net loss of Rs1,647.22 crore for the ended March, down 23.01% from a net loss of Rs2,139.65 crore for year 2009. It had improved performance from better seat occupancy and cost reductions even as sales dipped to Rs5, 067.91 crore means 3.26% less than Rs5, 238.98 crore in fiscal 2009 year. With regard to this, the Deccan airline told that the carrier registered an improvement of Rs1, 047 crore in operating losses.

Operating losses for year 2010 stood at Rs899.36 crore against Rs1, 806.64 crore in the previous fiscal year. The Core of operating losses before tax and other income stood at Rs414.42 crore in fiscal 2010 against Rs856.51 crore loss in the previous year and the Other income also include more than tripled of Rs.63.60 crore of year 2009 which has become Rs203.12 crore. But lastly the Kingfisher Airlines did not declare its financial results for the quarter ended up to March, year 2010.

In an statement, the Deccan airlines told that their performance was despite extraordinary items totaling more than Rs640 crore which includes Rs240 crore expenses for grounded aircraft, over Rs400 crore from premature termination of aircraft lease, foreign exchange losses and in general clean up after the integration of Air Deccan. Mr. Vijay mallya as the director of Kingfisher airlines has acquired Deccan aviation in 2007 but unfortunately it was hit by the global economic slowdown even before the integration was complete. But to reduce the loss the company has adopted a new accounting standard which allows cost incurred on major repairs and maintenance for engines pertaining to aircraft acquired on operating lease. But still the company have to pay loss before tax for the year which is Rs, 163.90 crore.

Other than Kingfisher airlines, the jet airways had its net loss to Rs467.64.crore in fiscal 2010 from Rs402.34 crore in the previous fiscal.