AirAsia India cuts Q1 losses by over 50%
Budget airline AirAsia India narrows its first-quarter losses to Rs20 crore from Rs44.15 crore as compared to the year-ago period
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New Delhi: Budget airline firm AirAsia India Pvt. Ltd narrowed its losses in the quarter ending June to Rs.20 crore from Rs.44.15 crore as compared to the year ago period, the airline said in a statement.
Tata Sons holds 51% in AirAsia India, while Malaysia’s Air Asia Bhd holds the rest.
“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% YoY to 0.53 million passengers. Despite being a new airline, it is worth AAI’s CASK (cost per available seat-kilometer is much lower as compared to its peers in that market.” AirAsia’s group chief executive officer, Tony Fernandes said in a statement.
With six planes the airline’s market share stood at about 2%, according to data from the Directorate General of Civil Aviation.
Rival IndiGo announced a profit of Rs.591.78 crore in the same quarter, while Jet Airways announced Rs.103 crore profit in what is the peak season of April-June when travel picks up because of school vacations.
SpiceJet is expected to announce its results in early September.