AirAsia India posts 69% drop in Q2 revenue
AirAsia India, the joint venture between Malaysia’s AirAsia Group Bhd and India’s Tata Sons Ltd, posted a 69% drop in revenue in the fiscal second quarter as the pandemic hit demand for air travel.
The budget airline, owned 49% by AirAsia Bhd and 51% by Tata Sons, reported revenue of ₹221.55 crore in the three months ended 30 September, compared to ₹724.24 crore a year earlier, AirAsia Bhd said in a filing with Bursa Malaysia on Tuesday.
AirAsia India “suffered losses due to the decline in revenue,” the Malaysian company said, adding that the losses reported by the Indian venture is not equity accounted as the past losses had exceeded AirAsia Group’s cost of investments in the company.
