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Malaysia's AirAsia Group posts record quarterly loss

AirAsia India Airbus A320
AirAsia India Airbus A320, © Airbus

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KUALA LUMPUR - Malaysia's budget airline AirAsia Group Bhd reported a record quarterly loss on Monday, as depreciation and impairments added to the impact of domestic lockdowns.

Net loss in the October-December period widened to 2.44 billion ringgit ($590.72 million) versus 384.4 million ringgit a year earlier, overtaking the 1.33 billion ringgit loss an analyst estimated in a Refinitiv poll.

Revenue shrunk 92% to 267.4 million ringgit as capacity reduced by 88% compared to a year ago, mainly as a result of lower capacity in Malaysia, the Philippines and Indonesia, as international borders remained closed, it said in stock exchange filings.

"A major portion of the loss for the period relates to depreciation of (right-of-use assets) and interest on lease liabilities amounting to 654.2 million ringgit" for the quarter, the airline said.

The airline also recorded a jump in impairment of receivables, its financial statement showed.
© Reuters, aero.uk | 29/03/2021 13:15


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