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AirAsia posts losses in 4Q amid higher cost, weaker currency

Budget carrier AirAsia dips into the red in 4Q, hit by higher costs and forex losses

AirAsia posts losses in 4Q amid higher cost, weaker currency

KUALA LUMPUR, Malaysia (AP) -- Southeast Asia's top budget carrier, AirAsia, says it suffered a net loss of 428.51 million ringgit ($120 million) in the quarter ending in December, hit by higher costs and a weaker currency.

It was a reversal from a net profit of 169 million ringgit ($47 million) in the same period a year earlier, and was its first quarterly net loss in two years.

The airline said Thursday that revenue rose 16 percent to 1.48 billion ringgit ($414 million) for the quarter, but operating costs including wages and aircraft maintenance were higher.

It said foreign exchange losses of 647.6 million ringgit ($181 million) and higher taxes also contributed to the losses.

For the full year, net profit shrank 77 percent from 2013 to 82.8 million ringgit ($23.2 million).


Updated : 2021-09-19 04:10 GMT+08:00