KUALA LUMPUR (Feb 28): Shares in AirAsia Group Bhd fell 5.41% in active trade to its lowest level in three years at mid-morning today after the low-cost carrier reported that it fell into the red in the financial year ended Dec 31, 2019 (FY19).
At 10.25am, AirAsia fell 6 sen to RM1.05, for a market capitalisation of RM3.51 billion. Some 30.5 million shares were traded.
AirAsia posted a net loss of RM303.72 million in FY19, from a net profit of RM1.97 billion in FY18, mainly due to the absence of RM1.1 billion gains recorded in FY18. Revenue for the year, however, was up 17% to RM12.45 billion from RM10.64 billion in the previous year.
For the fourth quarter ended Dec 31, AirAsia narrowed its net loss to RM384.48 million from RM394.97 million a year ago as revenue grew 19% to RM3.36 billion from RM2.82 billion, driven by an 11% capacity addition and a 9% increase in revenue per available seat kilometre.