Thursday, November 30, 2017

AirAsia India Q2 net loss down by 74%

New Delhi: Air Asia India reduced its losses for quarter ending September by 74% to Rs 16.4 crore for the second quarter ending September, AirAsia Berhad CEO Tony Fernandes said. Fernandes said it during the release of third quarter 2017 financial results, ending September, of AirAsia Berhad’s.

“Our associate airline in India has grown tremendously, achieving 99% year-on-year growth on passengers carried and a remarkable 104% year-on-year growth in capacity this quarter. Revenue increased by 126% year-on-year and net loss reduced by 74% year-on-year to INR 164 million,” Fernandes was quoted in a release sent by the airline.
He also announced that AirAsia India will have 14 aircraft by the end of 2017 and 21 aircraft by the end of 2018.
“We are on target to launch our international routes the minute we achieve 20 aircraft in India next year. We foresee our Indian operations to be very profitable once we start flying regional routes and connecting them to our wide network,” Fernandes said.
Air Asia India has been reducing losses on the back of lower fuel prices and flying more passengers by adding capacity in the market. The airline had also narrowed losses for the fiscal year through March 2017.

It posted a net loss of Rs 140 crore for the 2017 fiscal, which was 23% less than almost Rs 182 crore it reported in fiscal 2016. Revenue rose nearly 45% to Rs 952 crore.
29/11/17 Mihir Mishra/Economic Times