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Malaysia’s AirAsia Group reports deeper loss in Q3 on lower revenue, forex moves -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: AirAsia planes can be seen parked at Kuala Lumpur International Airport 2 as part of the movement control order for the outbreak coronavirus disease, COVID-19. This was in Sepang (Malaysia), April 14, 2020. REUTERS/Lim Huey Teng

KUALA LUMPUR – Malaysian budget airline AirAsia Group Bhd posted a bigger quarterly net loss Monday. Revenue was affected by a pandemic and lockdown restrictions in domestic travel. However, it suffered a loss of foreign currency.

It reported that it suffered a net loss (or loss) of 887million ringgit ($212million) in the July-September quarter. This is 4.1% less than the loss of 851.8million ringgit last year.

For the same period, revenue dropped by 37% to 295.9million ringgit.

According to its income statement, it reported that it suffered from a foreign loss of 216.9 Million Ringgit during this period.

351 971 passengers were carried by the airline in the quarter. This is 82% lower than the previous year and the load factor (which measures the size of the planes) was unchanged at 67%.

($1 = 4.1840 ringgit)

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