SINGAPORE -- Budget airline AirAsia took a hit from fierce local competition throughout Southeast Asia last year, earnings released on Feb. 27 show, prompting the Malaysia-based powerhouse to pause expansion and focus on profit after diving into Vietnam this summer.
The group's operating profit for 2018 plunged 44% to 1.21 billion ringgit ($297 million). Net profit rose 22% to 1.98 billion ringgit, but tax maneuvers involving the sale of aircraft contributed to that increase. On top of rising fuel costs due to more expensive crude oil, AirAsia struggled in markets like the Philippines, Indonesia and India.
