Forex gains lift AirAsia X Q1 profit

16 May 2019 / 20:49 H.

PETALING JAYA: AirAsia X Bhd’s net profit for the first quarter ended March 31, 2019 grew 4.4% to RM43.33 million from RM41.50 million a year ago, mainly thanks to foreign exchange gains.

Its revenue, however, fell 8.1% to RM1.17 billion compared with RM1.27 billion in the previous year’s same quarter because of lower revenue from all segments.

The group views current forward booking trend as performing within expectation. Demand is expected to pick up in June from the festive season and in conjunction with midterm school holidays in the region.

Improving overall cost performance remains one of the company’s main priorities in 2019. A lot of initiatives are being put in place via digitalisation to reduce costs.

“For the remaining quarters of 2019, the company remains cautious on the challenging global backdrop and pressure on ringgit but optimistic to observe healthier demand across most sectors in addition to a favourable fuel hedging strategy,” it said.

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