AirAsia posted net profits of 9.4 million ringgit (S$3.9 million) for the three months to June, compared with 185.1 million ringgit a year earlier. -- PHOTO: AFP
KUALA LUMPUR - MALAYSIAN budget carrier AirAsia said Thursday its net profits plummeted 95 per cent in the second quarter compared with a year ago, blaming high fuel costs and foreign exchange losses.
The region's biggest low-cost carrier posted net profits of 9.4 million ringgit (S$3.9 million) for the three months to June, compared with 185.1 million ringgit a year earlier.
'This is a commendable performance given that unit fuel price increased by 65 percent to 142.5 dollars per barrel,' said chief executive Tony Fernandes, adding that the weakening ringgit led to a loss of 77 million ringgit.
He said revenues increased 41 percent in the quarter to 608 million ringgit, with a 20 per cent increase in passenger load and a 16 per cent rise in fares.
