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AirAsia loss narrows even as lockdowns linger

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Malaysia's flagship budget carrier AirAsia Group Bhd posted a smaller loss in the second quarter amid a jump in revenue, even as an enhanced lockdown dampened sales during an ongoing slump in travel, a bourse filing showed on Wednesday.

Revenue was 160% higher at 370 million ringgit, boosted by cargo revenues. Under its digital arm, revenue from its logistics business tripled while the fintech unit revenue was 56% higher.

Net loss for April-June was 41.6% lower at 580 million ringgit ($139.66 million), compared with a loss of 992 million ringgit a year ago when the airline hibernated its fleet at the start of the coronavirus pandemic.

Passengers carried for the quarter surged 272% to 758,746 while load factor - which measures how full a plane is - rose nine percentage points to 68%.

AirAsia said it continued with cost containment measures, including cutting headcount and salaries while managing its capacity to match demand.

-Reuters -
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