Indonesia AirAsia parent continues loss-making streak

Indonesia AirAsia’s parent company slightly narrowed its losses in the first half of the 2021 calendar year, despite a dramatic decline in revenue for the period. For the six months ended 30 June, AirAsia Indonesia reported an operating loss of Rp1.05t ($73.5m). This compares with the Rp1.06t loss it made during the same period in 2020. Group revenue for the period plunged 66% year on year, to Rp453b, outpacing a 37.4% drop in costs to Rp1.5t. AirAsia Indonesia posted a net loss of Rp1.17t, widening the Rp909b net loss it posed in 2020. The company had significantly lower cash and cash equivalents at the end of the period, though it burnt cash slower than in 2020. It ended the half-year with Rp15.5b in cash and cash equivalents, compared to Rp18.7b at the start of the year. In comparison, the company started the 2020 calendar year with Rp312 billion in cash and cash equivalents, and ended the half year with just Rp34.4b.<br/>