AirAsia Group reports US$139.6 million second quarter loss

September 9th 2021

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AirAsia Group Berhad has reported a net loss of 580.1 million ringgit (US$139.6 million) for the three months to June 30, an improvement from a net loss of 992.9 million ringgit in the same months of 2020. Read More » Revenue rose 160%, to 370.6 million ringgit, AirAsia said in a regulatory filing to the Bursa Malaysia. Operating expenses fell 53.7%, to 321.3 million ringgit. AirAsia Group president for airlines, Bo Lingam, said the "accelerated vaccine rollouts" across ASEAN will lead to more vaccinated travel lanes and vaccine bubbles. This will support a "V shaped resumption of air travel" in the near future. “We have unwavering confidence our robust short-haul business model, lean operations and contactless procedures combined with pent-up demand, vaccines and travel bubble formations will ensure a quick recovery upon the relaxation of travel restrictions in the near future," Lingam said. AirAsia Group CEO, Tony Fernandes, said the company was continuing to "evaluate funding, potential monetisation and other corporate exercises" to ensure sufficient liquidity across the group. "By the end of the third quarter of 2021, we will have completed two batches of lease restructuring and expect to complete the full exercise by the end of 2021," Fernandes said.