Budget carrier AirAsia dips into the red in 4Q, hit by higher costs and forex losses

IndustriesAssociated Press

Southeast Asia's top budget carrier, AirAsia, says it suffered a net loss of 428.51 million ringgit ($120 million) in the quarter ending in December, hit by higher costs and a weaker currency.

It was a reversal from a net profit of 169 million ringgit ($47 million) in the same period a year earlier, and was its first quarterly net loss in two years.

Continue Reading Below

The airline said Thursday that revenue rose 16 percent to 1.48 billion ringgit ($414 million) for the quarter, but operating costs including wages and aircraft maintenance were higher.

It said foreign exchange losses of 647.6 million ringgit ($181 million) and higher taxes also contributed to the losses.

For the full year, net profit shrank 77 percent from 2013 to 82.8 million ringgit ($23.2 million).