AirAsia India's loss in April-June quarter widens to ₹332 crore1 min read . Updated: 27 Aug 2020, 04:00 PM IST
- The Bangalore-headquartered airline had reported ₹15.11 crore loss during the same period of the previous year.
New Delhi: AirAsia India, a joint venture between Tata Sons and AirAsia Berhad, saw its losses widen to ₹332 crore during April-June 2020 period primarily due to the lockdown and travel restrictions to contain the covid-19 pandemic.
The Bangalore-headquartered airline had reported ₹15.11 crore loss during the same period of the previous year.
During the April-June 2020 period, AirAsia India's revenue stood at ₹90.08 crore, down 91% from the same period of the previous year, according to data posted on the website of its Malaysian parent.
Due to the covid-19 pandemic, and a resulting muted travel demand, the number of passengers travelling by the airline fell by a massive 92% on an annual basis during the April-June 2020 period to 190,395 passengers.
The airline had carried 2,286,992 passengers during the April-June 2019 period. It reported an average load factor of 63% during April-June 2020 period, down from 90% load factor during the same period of the previous year.
The Indian government had grounded flight operations on 25 March. While domestic flight operations have resumed under limited capacity from 25 May, select international flights under air bubble arrangement and repatriation flights, apart from charter flights have been allowed to operate on overseas routes.
"AirAsia India restarted its domestic operations on 25 May 2020, and was quick to ramp up to 30% of pre-Covid-19 capacity in June 2020, with 36 operational routes," AirAsia Berhad said in a post-result statement.
"The Group is optimistic over AirAsia India’s performance and is looking at domestic capacity resumption of 55% for 3Q (July-September 2020) and 80% for 4Q (October-December 2020) out of last year’s operations," it added.
According to industry lobby group International Air Transport Association (IATA), airlines in the Asia-Pacific region are the hardest hit by the covid-19 pandemic, with losses expected to be around $29 billion for 2020. This is more than a third of the $84.3 billion industry losses globally.