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Malaysia's AirAsia posts first net loss in two years

[KUALA LUMPUR] AirAsia on Thursday reported its first net loss in two years, citing higher financing and operating costs and foreign-exchange losses.

Asia's largest budget airline by passengers volume swung to a net loss of 428.5 million ringgit (S$161.4 million) in its fourth quarter, against a net profit of 168.5 million ringgit a year earlier. Revenue rose 15 per cent to 1.5 billion ringgit.

The last time the company registered a quarterly net loss was for the final three months of 2012.