Kingfisher files revival plan with air regulator

NEW DELHI, Dec 25 (Reuters) - Grounded Indian carrier Kingfisher Airlines has filed a revival plan with the country's airline regulator, a senior government official said on Tuesday, in an effort torenew its operating license before it expires atthe end of the year.
Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money tobanks, airports, tax authorities, plane leasing companies, and its staff.
The Directorate General ofCivil Aviation (DGCA), India's aviation regulator, which suspended Kingfisher's licence to fly after months of cancelled flights and staff walkouts, has demanded a turnaround plan before the airline is permitted to fly again.
The DGCA wants all creditors to agree to the revival plan submitted by Kingfisher, and has not decided on its course of action, said the government official who has direct knowledge Of the matter, speaking on condition of anonymity.
Bankers maintain they have the option of restructuring Kingfisher's loans for a second time, orinfusing more capital, but they are awaiting a concrete revival or turnaround plan from the company, including capital injection by company chairman Vijay Mallya.
The airline did not say where it would find the money it needs, but mentioned it was in talks with several parties, including one in London, for new cash, the source said.
Mallya's United Breweries Group plans to invest 6.52billion rupees ($119 million) in the airline as part of the turnaround plan it filed on Monday, according to reports in a local newspaper on Tuesday.
Kingfisher has tried unsuccessfully to raise cash for more than a year. It said earlier this month itwas in talks with Abu Dhabi's Etihad Airways and other potential investors about selling a stake in the carrier. ($1 = 54.9650 Indian rupees) (Additional reporting by Swati Pandey in Mumbai; Writing by Aditi Shah; Editing by Daniel Magnowski)

Flying high results Emirates' first-half profit up 104pc

DUBAI'S Emirates airline says it posted a 104 per cent surge in net profits in the first six months of thecurrent financial year thanks to rising passenger numbers.
"In the first half of the 2012-13 fiscal year, Emirates net profit is 1.7 billion dirhams ($A448 million), up 104 per cent from 836 milliondirhams," the carrier said in a statement.
The announcement came hours after an engine problem forced an Emirates A380 superjumbo to turn back to Sydney shortly after taking off.
The government-owned airline said it had carried 18.7 million passengers since April 1, up 15.4 per cent compared with the same period last year.
Its volume of cargo was up by more than 16 per cent, the airline said, pointing out that it was a"significant growth against the market trend".
Emirates posted revenues of 35.42 billion dirhams, up 17.3 per cent from the corresponding period last year.
The group as a whole, which includesDnata travel services, generated revenues amounting to 38.245 billion dirhams, with net profits hitting 2.1 billion dirhams.
"The Emirates Group half-year performanceis the result of hard work and our drive to stay on course and continue to grow despite the precarious marketplace," said chairman and chief executive Sheikh Ahmed bin Saeed al-Maktoum.
"We have continued to invest in the infrastructure of bothEmirates and Dnata and it continues to pay off."
Meanwhile, the pilot of the Dubai-bound Emirates plane carrying 380 passengers decided to turn back shortly after take-off on Sunday night due to an engine problem aspassengers reported abright orange flash and loud bang.
An Emirates spokesman told AFP the decision was a"precaution" and"there were no flamesor smoke".
Emirates is the largestsingle customer of Airbus' A380 and Boeing's 777 widebody aircraft.
Considered the world's fastest growing carrier, it hasa fleet of 183 aircraftserving 126 destinations in 74 countries.