AirAsia X net profit up fourfold in first quarter

PETALING JAYA: Low-cost, long-haul carrier AirAsia X Bhd saw a more than fourfold jump in net profit in the first quarter ended March 31, 2018 to RM41.5 million from RM10.34 million in the same quarter a year ago.

Revenue for the period under review rose 7.2% to RM1.27 billion from RM1.18 billion on the back of a 13% increase in passenger volume.

Despite a slight reduction in the average fare of 3% compared with the same quarter last year, the airline maintained its load factor at 84% in addition to delivering an additional 231,855-seat capacity, representing a year-on-year increase of 14%.

"The company recognises the challenges posed by the recent hike in fuel prices, and best mitigative efforts are being put forth through the boost in ancillary and capacity numbers. The company is confident of presenting the results from these measure during the third and fourth quarters of the financial year," AirAsia X said on its prospects.

It noted that based on the current forward booking trend, forward loads are trending better than in the previous year.

"Barring any unforeseen circumstances, including but not limited to terrorist attacks, natural disasters, epidemics, economic downturn, fuel price hike and fluctuation in foreign currencies against the ringgit, the company expects its prospects to remain positive," it added.

On Bursa Malaysia today, AirAsia gained 1.33% to 38 sen on volume of 10.76 million shares.