AirAsia records Q2 net profit of RM18mil

For the six-month period, net profit fell to RM110.20mil from RM1.50bil in the previous corresponding period

PETALING JAYA: AirAsia Group Bhd’s net profit for its second quarter ended June 30, dropped to RM17.94mil from RM361.81mil in the previous corresponding period, mainly due to a share of prior years’ losses at AirAsia India previously not recognised amounting to RM147mil.

In a statement, the low-cost carrier said the lower earnings were also due to additional cost related to building up RedBeat Ventures entities; 105% higher maintenance and overhaul expenses due to higher maintenance provisions of RM160mil on the back of a higher number of leased aircraft following the recent aircraft-monetisation exercise; and a RM10mil fine from the competition watchdog.