Malaysia Airlines has said that it suffered a second straight quarterly loss in the three months ending in June, while budget carrier AirAsia reported a 48 percent drop in net profit due to soaring fuel costs.

As per a report in AP, Malaysia Airlines, the national flag carrier, said it doesn't expect to make a profit in the second half of the year amid bearish market conditions in Europe, the U.S. and Japan, but losses are likely to be less severe than in the first six months. It narrowed its losses to 527 million ringgit ($178 million) in the April-June quarter from 535 million ringgit ($180 million) a year earlier. Revenue rose 8 percent to 3.9 billion ringgit ($1.3 billion) but fuel costs shot up 41 percent to 1.55 billion ringgit ($522 million).

AirAsia, Southeast Asia's largest no-frills carrier, separately said its second quarter net profit fell to 104.3 million ringgit ($35 million) from 199 million ringgit ($67 million) a year earlier. Revenue rose 16 percent to 1.08 billion ringgit ($364 million). It said price volatility for oil and aviation fuel clouded its outlook for the second half of the year, although it would be partly mitigated by its recent reintroduction of a fuel surcharge.

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