One of the most successful carriers in Asia, AirAsia announced its first net loss in two years. The company cited currency exchange losses and higher taxes. Moreover, in Malaysian Airline flight QZ8501 crashed in to the Java Sea with 162 people onboard.

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The firm set that the net loss for three months to December amounted to 429m Malaysia ringgit. The airline explained that the high airport landing charges and and high foreign exchange rates had contributed to the poor results. Tony Fernandez the AirAsia chief executive added that the crash in December of an Airbus A320-200 from Surabaya in Indonesia to Singapore had lead to a slight decrease in demand at the beginning of 2015.

Fernandes added that the airline is recovering well and added, “This year and the next couple of years, the group will not be taking in a large number of aircraft every year like before, hence enabling the company to preserve cash”. AirAsia was once a struggling carrier owned by the Malaysian government but has now become the most successful carriers “Now Everyone Can Fly”.

In 2001, the former music executive Tony Fernandes purchased the debt laden carrier for 25 cents. The associates and subsidiaries of the firm now cover 100 destinations across more than 15 countries.

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