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February 12, 2008 |
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DECCAN AVIATION: Posts INR1.9-Bil. Loss in Qtr. Ended Dec. 31 Deccan Aviation Ltd. incurred a net loss of INR1.9 billion in the three months ended Dec. 31, 2007, on increased expenditures and lesser revenues. In the same quarter in 2006, the charter aviation firm posted a net profit of INR96.4 million. Deccan Aviation's total income slid from INR6.37 billion in Oct.-Dec. 2006, to INR5.77 billion in the latest quarter under review. Operating expenditures rose from INR6.04 billion to INR7.31 billion, bringing the company an operating loss of INR1.54 billion. The bulk of the company's operating expenses come from aircraft fuel expenses -- INR2.88 billion -- way more than the INR1.14 billion in aircraft lease rentals. Results in Oct.-Dec. 2007 also showed increased interest charges (2007:INR244.1 million; 2006: INR124.3 million), depreciation (2007:INR119.4 million; 2006: INR104.1 million) and taxes (2007:INR11.1 million; 2006: INR6.6 million). In the previous financial year, the company pointed out, its treatment of certain deferred expenses were subject to qualifications by the statutory auditors and the qualification continues in the quarter ended Dec. 31, 2007. As a result, the company said, the loss for the current quarter under review is overstated by INR6.5 million. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27ec Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/ -- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. In the financial year ended June 30, 2007, Deccan Aviation reported a net loss of INR4.2 billion, up 23% from the INR3.41- billion loss incurred in FY 2006. |
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