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AirAsia Group (AIRASIA) posts lower revenue and widened loss

07:10, 23 November 2021

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Tail of an AirAsia passenger plane
Tail of an AirAsia passenger plane – Photo: Shutterstock

Malaysia-based AirAsia Group said its quarterly revenue fell and net loss widened from a year ago following prolonged Covid-19 restrictions in most operating markets in Southeast Asia.

AirAsia said net loss for the quarter ended 30 September was MYR1.11bn ($264.6m) compared with MYR1.08bn a year ago.

Quarterly aviation revenue fell 70% year-on-year to MYR118m, the company said.

Malaysia, Indonesia and Thailand markets slump

The budget airliner said passenger carried during the quarter dropped across major operating markets of Malaysia, Indonesia and Thailand.

AirAsia Thailand posted the biggest drop in passenger carried during the quarter, down 96% from a year ago.

AirAsia Philippines bucked the trend and posted a 167% year-on-year jump in passenger carried during the quarter.

AirAsia Super App

AirAsia Super App reported negative earnings before interest, taxes, depreciation and amortisation of MYR79.2m for the third quarter due to increased investment costs, the company said.

The company added that operating cash flow burn an averaged MYR68m per month during the quarter, which was lower on a year-on-year basis but slightly higher on a quarter-on-quarter basis.

“We expect the current sales momentum and reduced cashburn trend to continue into 4Q21 as the Group is well positioned to serve the pent up leisure travel demand,” AirAsia said.

Read more: Malaysia’s AirAsia restructures its aircraft order with Airbus

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