Air Asia India losses rise five fold in FY19

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.