India’s Kingfisher Airlines Posts Heavy Losses for Second Quarter

India's beleaguered Kingfisher Airlines has posted a second quarter loss of 4.69 billion rupees ($93 million) amid cancellations of hundreds of flights.

The results came days after the cash-strapped airline, controlled by billionaire Vijay Mallya, sought government bailout and asked its banks to increase credit limits.

The airline's quarterly sales of 15.3 billion rupees ($303 million) were up from 13.8 billion rupees ($274 million) in the same period of 2010.

Kingfisher's net loss in the quarter ending on September 30 last year was 2.31 billion rupees ($46 million).