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Malaysia's AirAsia looks beyond losses to travel return

Published 11/24/2020, 06:33 PM
Updated 11/24/2020, 06:40 PM
© Reuters.
CAPI
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KUALA LUMPUR, Nov 24 (Reuters) - Malaysian budget airline
AirAsia Group Bhd AIRA.KL 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 851.8 million ringgit
($209 million) for the three-month period, from 51.4 million
ringgit net loss a year ago, while its revenue fell 85.6% to
442.9 million ringgit.
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%.
($1 = 4.0850 ringgit)

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