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AirAsia profit falls 73% on higher operating costs

29 Aug 2017 23:15:30

marketwatch.com

Malaysian budget airline AirAsia Bhd. (5099.KU) on Tuesday posted its weakest quarterly earnings in nearly two years, as second-quarter net profit was weighed down by higher operating expenses.


Net profit for the April-June period fell 73% to 92.5 million ringgit ($21.7 million) from MYR342.1 million a year ago, according to a local stock-exchange filing Tuesday.


Revenue for the quarter climbed 47% to MYR2.38 billion ($557.6 million) from MYR1.62 billion the previous year.


AirAsia, Asia's largest low-cost airline by passenger numbers, said it was optimistic about stronger results this year, citing strong demand and stable fuel prices and foreign-exchange rates. It said it expects to achieve an average load factor of 88% in the third quarter.


Read full story: marketwatch.com

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