AirAsia X records net loss of RM312.69m in FY18

AirAsia planes sit on the tarmac at Kuala Lumpur International Airport August 28, 2016. — Reuters pic
AirAsia planes sit on the tarmac at International Airport August 28, 2016. — Reuters pic

KUALA LUMPUR, Feb 21 — AirAsia X Bhd recorded a net loss of RM312.69 million in the ended Dec 31, 2018, against a net profit of RM98.89 million chalked up in 2017.

Revenue slipped to RM4.54 billion from RM4.56 billion previously, the long-haul airline informed Bursa today.

In the fourth quarter (4Q18), AirAsia X also posted a net loss of RM99.27 million from RM84.42 million registered in the same quarter of 2017 (4Q17), while revenue eased to RM1.15 billion from RM1.22 billion.

The Group’s net operating profit in 4Q18 was RM27.4 million against RM120 million in 4Q17, mainly due to an increase in average fuel prices from US$69 per barrel in 4Q17 to US$89 per barrel in 4Q18. In addition, the Group has provided an impairment on amount due from amounting to RM24 million (4Q17:nil)

The cost per available seat kilometre in 4Q18 improved one per cent to 12.27 sen and CASK ex-fuel improved by 16 per cent year-on-year as a result of enhanced cost management.

On prospects, AirAsia X said it would be adding up to five aircraft through operating leases in 2019 via AirAsia X Thailand.

“On the other hand, AirAsia X Malaysia is expected to remain with 24 aircraft as it focuses on maximising aircraft utilisation of its current fleet and leverage on the Group’s strategy in new route launches, as well as increasing frequencies of core routes,” it added. — Bernama

Source: The Malay Mail Online

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