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Indonesia AirAsia parent posts Rp514bn second quarter loss

The parent company of Indonesia AirAsia posted an operating loss of Rp514 billion ($34.7 million) for the second quarter of 2018, reversing the Rp212 billion operating profit last year, as it was pummelled by higher operating costs.

Jakarta-listed AirAsia Indonesia's revenue for the quarter to 30 June fell 4.4% Rp1.83 trillion. Expenses jumped 38% to Rp2.35 trillion, driven by higher aircraft operating costs, and sales and marketing activities.

Its attributable net loss narrowed 24% to Rp426 billion, as the company benefited from a Rp130 billion tax gain.

Cash and cash equivalents as of 30 June 2018 stood at Rp119 billion, down from the Rp198 billion it had at the same time the year prior.

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