AirAsia Market News Update

Shares of AirAsia Bhd (5099.KU), Southeast Asia's largest discount carrier by fleet, Thursday fell to its lowest level in three weeks after reporting a 85% fall in third-quarter net profit.

The stock opened 2.0% lower at 2.41 ringgit a share ($0.72) and hit a low of 2.38 ringgit, its lowest since Oct. 30, in early trade on the Malaysian stock exchange. AirAsia was traded at 2.39 ringgit at 0130 GMT, valuing the company at about 6.6 billion ringgit.

AirAsia's July-September net profit fell to 5.4 million ringgit from 35.5 million ringgit a year earlier as borrowing costs surged 25% and the budget airline incurred a deferred tax of 10.5 million ringgit. Operating cost also increased. Revenue however rose 3.1% to 1.32 billion ringgit from 1.28 billion ringgit a year earlier, aided by an increase in passengers.

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