Budget airline AirAsia Group Bhd on Wednesday reported its smallest quarterly net profit since 2014 as the airline recognised losses in its Indian associate company.
The group said the second-quarter results recognised the share of prior year losses at AirAsia India (AAI) as a result of an increase in its investment in that airline.
AirAsia also said it was hit by foreign exchange losses during the second quarter which ended on June 30. But the company benefited from deferred taxation of 250.1 million ringgit in the quarter.
Net profit was 17.9 million ringgit ($4.27 million) for the April-June period, a 95% drop from 361.8 million ringgit recorded a year ago.
