AirAsia loss narrows even as lockdowns linger
- 3 years ago
Malaysia's flagship budget carrier AirAsia Group Bhd posted a smaller loss in the second quarter amid a jump in revenue, even as an enhanced lockdown dampened sales during an ongoing slump in travel, a bourse filing showed on Wednesday.
Revenue was 160% higher at 370 million ringgit, boosted by cargo revenues. Under its digital arm, revenue from its logistics business tripled while the fintech unit revenue was 56% higher.
Net loss for April-June was 41.6% lower at 580 million ringgit ($139.66 million), compared with a loss of 992 million ringgit a year ago when the airline hibernated its fleet at the start of the coronavirus pandemic.
Passengers carried for the quarter surged 272% to 758,746 while load factor - which measures how full a plane is - rose nine percentage points to 68%.
AirAsia said it continued with cost containment measures, including cutting headcount and salaries while managing its capacity to match demand.
-Reuters -
Revenue was 160% higher at 370 million ringgit, boosted by cargo revenues. Under its digital arm, revenue from its logistics business tripled while the fintech unit revenue was 56% higher.
Net loss for April-June was 41.6% lower at 580 million ringgit ($139.66 million), compared with a loss of 992 million ringgit a year ago when the airline hibernated its fleet at the start of the coronavirus pandemic.
Passengers carried for the quarter surged 272% to 758,746 while load factor - which measures how full a plane is - rose nine percentage points to 68%.
AirAsia said it continued with cost containment measures, including cutting headcount and salaries while managing its capacity to match demand.
-Reuters -