AirAsia India loss down to Rs25 crore
Losses at AirAsia India narrowed to Rs.25.65 crore in the December quarter from Rs.61.15 crore in the preceding three months on the back of an increase in average fares and ancillary revenue, the local unit of Malaysia's AirAsia Bhd said on Friday.
AirAsia India is a joint venture in which AirAsia Bhd holds 49%, Tata Sons Ltd 41% and Arun Bhatia of Telestra Tradeplace Pvt. Ltd the rest.
AirAsia India recorded a 232% increase in revenue to Rs.208 crore and saw strong capacity growth of 133% yearon-year (YoY), AirAsia said in a statement.
Average fares increased by 12% to Rs.3,626 while ancil- lary revenue per passenger grew by 133% to Rs.492.
"Our operations in India are geared to grow further after a year in service as we believe our low fares and excellent product appeals to travellers in India who remain underserved by air travel.
Load factor improved to 84% amid heightened competition by other players while total passengers carried increased 134% YoY to 0.51 million passengers carried," said Tony Fernandes, group chief executive officer at AirAsia Group Bhd.
Fernandes added that AirAsia India will witness a new phase of growth, work toward keeping costs under check and have an increased focus on ancillary revenue.