AirAsia Group of Malaysia said on November 24 that its net loss for the third quarter widened year-on-year due to the depreciation of right-of-use assets and lower travel demand.
Net loss of Malaysia’s AirAsia Group grows in Q3 (Photo: Reuters)
Hanoi (VNA) –AirAsia Group of Malaysia said on November 24 that its net loss for the thirdquarter widened year-on-year due to the depreciation of right-of-use assets andlower travel demand.
The Xinhua news agency quoted AirAsia as reporting that its netloss for the three months through September was 851.78 million MYR (208.39million USD) compared with a 51.44-million MYR loss a year ago.
Its revenue plunged 85.6 percent to 442.91million MYR, from 3.07 billion MYR.
It also recognised a significant 663.1 millionMYR depreciation of right-of-use assets and lease interest costs.
For the nine months, AirAsia Group posted a netloss of 2.66 billion MYR versus a net profit of 80.72 million MYR in the sameperiod last year. The revenue slumped 68.4 percent to 2.87 billion MYR from9.09 billion MYR.
However, President (Airlines) of AirAsia GroupBo Lingam still expressed confidence in the firm’s ability to overcome thesechallenges and emerge stronger next year.
While the company is hopeful that lockdowns andborder restrictions will soon be lifted, it is prepared to maintain sustainableoperations solely on the back of domestic sectors into 2021 if restrictionsremain, he said.
AirAsia Group foresees further formations oftravel bubbles among ASEAN countries which would boost its operations given astrong foothold and dominance in the region./.
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