AirAsia looks beyond losses to travel return

KUALA LUMPUR (Reuters) - AirAsia Group Bhd reported its fifth consecutive quarterly loss on Tuesday as the COVID-19 pandemic took its toll on travel in the third quarter.

Airlines have been badly hit by the coronavirus crisis, which brought air travel to a near standstill at its height earlier this year, forcing many to seek financial help.

Although encouraged by a resumption of domestic travel in Malaysia, Indonesia and the Philippines during the three-month period ended September, AirAsia said a spike in coronavirus cases in Malaysia and subsequent curbs had led it to reduce capacity in the country in October and November.

"AirAsia Group is looking forward to the gradual reopening of domestic travel and international borders in recognition that air transport provides the connectivity that is essential for the resumption of economic activities," it said in a statement.

The airline reported a net loss of RM851.8mil for the three-month period, from RM51.4mil net loss a year ago, while its revenue fell 85.6% to RM442.9mil.

AirAsia said in had carried 1.9 million passengers in the third quarter, compared with 13 million in the same period last year, with its load factor -- a measure of how full planes are -- dropping by 18 percentage points to 66%.

(Reporting by Liz Lee; Editing by Alexander Smith)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

AirAsia , airlines


Did you find this article insightful?


84% readers found this article insightful

Next In Business News

Biden's return to Paris pact just a first step for US climate action
UK will submit request to join CPTPP trading bloc soon
Oil price rises on US stimulus hopes, tighter market under Biden
Netflix Stock Soars to All-Time High on Q4 Subscriber Beat, Cash Flow Guidance
Wall Street closes at record highs as earnings jump, Biden inaugurated
Keeping the rate cut option
Malaysia Aviation Group moves forward in its revamp exercise
Double-digit earnings growth for most sectors
MAHB earmarks RM400mil for capex
Malaysia Aviation Group moves forward in its restructuring exercise

Stories You'll Enjoy