Airline cuts flights in cashflow crisis

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India’s Kingfisher Airlines, faced with mounting losses and starved of cash, yesterday said it had reduced operations but promised to return to full service within days.

The airline, which is controlled by Whyte & Mackay-owner Vijay Mallya, has cancelled 32 flights out of the 240 it operates each day.

India’s airlines, thought to be on course to lose a collective $3 billion (£1.8bn) for the year to March, have struggled with low fares, high jet fuel prices and massive competition. Five out of six major carriers are loss-making.