AirAsia swings to a loss in Q4 on fuel, lease expenses

(Reuters pic)

KUALA LUMPUR: AirAsia Group Bhd on Wednesday said it flipped to a net loss for the fourth quarter, sinking deeper than market expectations, as escalating fuel prices and operating lease expenses put a dent in its performance.

Malaysia’s flagship budget airline posted a loss of RM395 million for the three months to Dec 31 versus a RM372.6 million net profit a year prior.

The result compared with the RM63.2 million loss estimated by one analyst, according to Refinitiv data.

Revenue grew 6.2% to RM2.82 billion.

Passenger numbers swelled 16% to 12.1 million, trailing a capacity increase of 21%.