Home / Business & Finance / Malaysia’s AirAsia 2Q Net Loss Narrows To 139.62 Million USD
Malaysia’s AirAsia Group said yesterday that, its net loss for the second quarter of 2021 (2QFY21), narrowed to 580.06 million ringgit (about 139.62 million U.S. dollars) from 992.89 million ringgit a year ago, as the carrier continued with its cost co...

Malaysia’s AirAsia 2Q Net Loss Narrows To 139.62 Million USD

Malaysia’s AirAsia Group said yesterday that, its net loss for the second quarter of 2021 (2QFY21), narrowed to 580.06 million ringgit (about 139.62 million U.S. dollars) from 992.89 million ringgit a year ago, as the carrier continued with its cost containment measures.

Quarterly revenue rose 160.82 percent to 370.61 million ringgit from 142.09 million ringgit a year ago, driven by better cargo revenues, the low-cost carrier said in a statement.

The group continued with its cost containment measures, including the right-sizing of manpower and salary cuts for management, staff and directors, while actively managing its capacity to be in line with demand.

With the stringent measures implemented, the group reported a lower net loss for 2QFY21.

For the first half ending June 30 this year, the group slipped into a net loss of 1.35 billion ringgit, from a net profit of 1.8 billion ringgit a year earlier, while its revenue fell 72.37 percent to 686.82 million ringgit from 2.49 billion ringgit.

AirAsia Group CEO, Tony Fernandes said, the group continued to evaluate funding, potential monetisation and other corporate exercises to ensure sufficient liquidity for the group.

“By the end of the third quarter of 2021, we will have completed two batches of lease restructuring, and expect to complete the full exercise by the end of 2021,” he said.

He also said that through all of the group’s strategic fundraising exercises, he expects AirAsia to have sufficient liquidity for the rest of the year and throughout 2022.

Source: NAM News Network

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