Malaysia's AirAsia logs record loss in Q1 results

[KUALA LUMPUR] Malaysian budget carrier AirAsia Group reported its largest quarterly loss on Monday, battered by a collapse in demand for air travel amid the coronavirus pandemic as well as losses on fuel hedges settlement.

It reported a net loss of 803.3 million ringgit (S$261.7 million) for the three-month period ended March, from 96.1 million ringgit net profit in the year ago period.

Revenue was 15 per cent lower at 2.31 billion ringgit.

Passengers carried during the quarter fell 22 per cent to 9.85 million, while load factor - a measure of how full planes are - dropped 11 basis points to 77 per cent. Its cost per unit rose 36 per cent.

REUTERS