AirAsia Group Q2 net profit drops 85% on higher costs
The AirAsia Group reported a net profit of MYR46.8m (US$11.1m) for the June quarter, down 85% from the same period a year earlier. Several factors contributed to the group’s net profit decline. These included the recognition of prior years’ losses in AirAsia India, higher maintenance and overhaul costs, and a fine from Malaysia’s competition watchdog agency. The AirAsia Group includes the Malaysian, Indonesian and Philippine units for financial reporting purposes. The Indonesian affiliate achieved a turnaround to return to profit in the quarter, and AirAsia Philippines dramatically increased its profit. Thai AirAsia reported a loss in the quarter, because of “sluggish” tourism in that country and the appreciation of the local currency. However, the group aims to “recuperate” the Thai operation. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-29/unaligned/airasia-group-q2-net-profit-drops-85-on-higher-costs
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AirAsia Group Q2 net profit drops 85% on higher costs
The AirAsia Group reported a net profit of MYR46.8m (US$11.1m) for the June quarter, down 85% from the same period a year earlier. Several factors contributed to the group’s net profit decline. These included the recognition of prior years’ losses in AirAsia India, higher maintenance and overhaul costs, and a fine from Malaysia’s competition watchdog agency. The AirAsia Group includes the Malaysian, Indonesian and Philippine units for financial reporting purposes. The Indonesian affiliate achieved a turnaround to return to profit in the quarter, and AirAsia Philippines dramatically increased its profit. Thai AirAsia reported a loss in the quarter, because of “sluggish” tourism in that country and the appreciation of the local currency. However, the group aims to “recuperate” the Thai operation. <br/>
