AirAsia India's net loss narrows to Rs 21 crore in June quarter

An AirAsia plane is pictured on the tarmac at Malaysia's Kuala Lumpur International Airport August 27, 2016. Image Source: Reuters/Edgar Su

AirAsia India saw its net loss narrow to Rs 20.36 crore in the three months ended June amid the no-frills carrier raked in higher revenues during the same period.

It had a net loss of little over Rs 44 crore in the 2015 June quarter.

The airline is a joint venture between Tatas, which own 51% stake, and Malaysia's AirAsia Berhad.

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AirAsia India recorded a 73% increase in revenue at Rs 189 crore in the latest June quarter, the Malaysian carrier said in a release on Monday. The Indian carrier also carried more number of passengers in the same period compared to the three months ended June 2015.

"During the quarter (ended June 2016), AirAsia India posted a smaller net loss of Rs 203.63 million (narrowed by 56% year-on-year (YoY))," the release said.

AirAsia's Group CEO Tony Fernandes said India is progressing very well in the past few quarters.

"Load factor has again posted a record high which demonstrates our guests' preference for flying with us. This is also reflected in the total passengers carried which increased by 76% year-on-year (YoY) to 0.53 million passengers," he noted.

About the overall performance of AirAsia Berhad, Fernandes said that in Malaysia demand remains extremely robust and we foresee this to improve in the coming quarters as consumer sentiment is picking up in the domestic economy.

"Indian travellers entering Malaysia grew by 34% year-on-year and this shows our brand strengthening in the Indian market as we mount more domestic and international flights there. The Indian market coupled with both China and Asean will be key to our growth. We are the only airline that connects from China to Asean to India via our strong associate network," he added.

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