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AirAsia Indonesia forecasts net profit to tumble in Q1 due to COVID-19

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AirAsia Indonesia estimated that its net profit would plunge in the first quarter as the coronavirus pandemic has caused a declining number of passengers.

The budget airline forecast its net profit would deeply fall by 75 percent from that of the January to March period annualized, media reported on Thursday.

The projected fall was fueled by the edging down of consolidated revenues, which are expected to plunge by 30 percent to 50 percent annually.

To pare down the risks of the virus pandemic, the airline has applied a number of strategies including that to apply a tight control on spending.

The coronavirus has been ravaging the aviation industry in Indonesia, which is exacerbated by the ban on flights across the country.

(XINHUA)

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