High forex loss drags AirAsia X further into the red

  • Business
  • Wednesday, 27 May 2015

KUALA LUMPUR: High foreign exchange (forex) loss on borrowings widened AirAsia X Bhd’s (AAX) net loss for the first quarter ended March 31 to RM125.92mil from RM11.28mil a year earlier.

The long-haul, low-cost carrier, whose revenue rose 3.5% to RM775.37mil, told Bursa Malaysia that it made forex loss of RM87.2mil during the quarter compared to a forex gain of RM10.1mil in the corresponding period last year.

In the three months under review, the group also recognised a net tax expense of RM8.6mil compared to a net tax allowance of RM36.8mil in the same period in 2014.

There were lower capital allowances claimed this year due mainly to lesser acquisition of property, plant and equipment as well as allowances having been fully claimed in Year Assessment 2014.

On the operating level, AAX recorded a profit of RM6mil, an increase of 118% year-on-year compared to a loss of RM33mil for the same period last year.

AAX closed 1 sen lower at 26.5 sen on Wednesday.

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