AirAsia Group posted a record loss in the fourth quarter and said revenue plunged 92 per cent from a year earlier as coronavirus restrictions affected travel demand internationally and in Malaysia. The airline, a low-cost pioneer in Asia, posted a net loss of 2.4 billion ringgit ($590 million) for the three months through December, taking its loss for the year to 5.1 billion ringgit. “Lockdowns announced in Malaysia for the month of October and November further dampened sales.”The October-December period was AirAsia’s sixth-straight quarterly loss, and also marred by 391 million ringgit in fuel-hedging losses. Auditor Ernst and Young had questioned the ability of the airline and long-haul unit AirAsia X to continue as going concerns, based on their 2019 financial reports. The company has sought to raise up to 2.5 billion ringgit through debt and equity.

Source: The Irish Times March 29, 2021 13:37 UTC