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

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

November 22, 2021

KUALA LUMPUR (Reuters) – Malaysian budget airline group AirAsia Group Bhd reported a wider quarterly net loss on Monday, as a lockdown and pandemic restrictions on domestic travel weighed on revenue, while it logged a foreign exchange loss.

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The group said it recorded a net loss of 887 million ringgit ($212 million) for the July-September quarter, 4.1% more compared with a loss of 851.8 million ringgit a year earlier.

Revenue for the period dropped 37% to 295.9 million ringgit.

Its income statement filed to the stock exchange filing showed that a foreign exchange loss of 216.9 million ringgit further dragged its financial performance during the period.

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The airline carried 351,971 passengers in the third quarter, 82% less than 1.9 million a year ago, while the load factor – which measures how full planes are – was little changed at 67%.

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($1 = 4.1840 ringgit)

(Reporting by Liz Lee, Editing by Louise Heavens)

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