Deeper Q3 Loss for Malaysia's AirAsia Group on Lower Revenue, Forex Moves

Malaysian budget airline AirAsia Group Bhd reported a wider quarterly net loss on Monday, as pandemic restrictions on travel in two of three of its operating markets weighed on revenue, while it logged a foreign exchange loss, Reuters reported. It said that enhanced lockdowns and travel restrictions in Malaysia and Indonesia impacted its aviation revenue, although its Philippines unit had a strong quarter. The group said in bourse filings it recorded a net loss of 887 million ringgit ($212 million) for the July-September quarter, 4.1% more compared with a loss of 851.8 million ringgit a year earlier. Revenue for the period dropped 37% to 295.9 million ringgit. However, its logistics business Teleport tripled its revenue, contributing 53% to the group total revenue. AirAsia's income statement filed to the stock exchange showed that a foreign exchange loss of 216.9 million ringgit further dragged its financial performance during the period. The group said investments in technology, talent and network for its digital businesses and in Teleport also added to its losses. Read more.