AAX earnings hurt by weaker ringgit

Acting CEO Benyamin Ismail said the company had seen improvement on its average base fare, resulted from the implementation of network consolidation,

PETALING JAYA: AirAsia X Bhd (AAX) first quarter ended March 31 losses widened to RM125.9mil from RM11.28mil a year ago, as the weak ringgit increased the cost of its foreign borrowings.

The company’s revenues for the quarter rose by 3.45% to RM775.37mil from RM749.48mil in the same quarter a year earlier. In statement, acting chief executive officer Benyamin Ismail said the company had seen improvement on its average base fare, resulted from the implementation of network consolidation.