Deccan Aviation posts Rs 42.94cr Q1 loss

Bangalore: Bangalore-based Deccan Aviation, operator of low cost carrier - Air Deccan, has posted a loss of Rs 42.94 crore for the first quarter(Q1) of financial year 2006-07 (the company's FY is July to June). Net income from operations for Q1 stood at Rs 358.70 crore.
The company's profits was mainly hit by huge aircraft fuel expences to the tune of Rs 240.11 crore and other direct operating expences like aircraft lease rentals at Rs 229.33 crore.
Deccan Aviation's board of directors at their meeting approved in-principle, a foray into the air cargo business through a wholly owned subsidiary and formation of a company for the same. The board also approved the issue of 19.63 lakh equity shares of Rs 10 each which shall be 1.96% of post issue capital to Investec Bank (UK) on preferential basis, subject to approval of shareholders.
30/10/06 Business Standard

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