Losses at AirAsia India, the joint venture between Tata Sons and Malaysia’s AirAsia Berhad, widened five fold to Rs 670 crore in 2018-19 because of high fuel costs, weak rupee and competitive fares. The airline had reported a loss of Rs 125 crore in FY18, according to the data available with the Ministry of Corporate Affairs.
AirAsia India’s peers also posted weak results in FY19 amid a tough operating environment. While profits at IndiGo dipped 93% Y-o-Y to Rs 156 crore in FY19, SpiceJet posted Rs 316-crore loss for the year ended March 31, against a Rs 566-crore profit a year ago.
