Jump in fuel cost drags AAX Q1 earnings down

Maybank Research said AirAsia

PETALING JAYA: AirAsia X Bhd’s (AAX) profit for the first quarter ended March 31 was dragged down by higher expenses such as aircraft fuel cost, which had ballooned by 55% from a year earlier.

AAX, whose expenses are mostly denominated in US dollars, said that it had posted a 43% year-on-year (y-o-y) drop in operating profit to RM60.3mil, mainly due to an overall 6% depreciation of the ringgit against the greenback.The long-haul, low-cost airline told Bursa Malaysia that net profit fell to RM10.34mil from RM179.49mil previously.