India’s second largest airline reports record losses

India is among the world’s fastest growing aviation markets, but its airline industry is losing billions of dollars, and its second-largest air carrier, Kingfisher Airlines, his reporting record losses.
Vijay Mallya, chairman of Kingfisher Airlines, said Tuesday the company posted July-to-September quarter losses of about $93 million - double the amount lost in the same period last year.
The cash-strapped company has cancelled hundreds of flights in the last week to reduce costs.
Kingfisher’s debts amount to about $1.5 billion, and the private airline has been late paying staff salaries.