AirAsia X posts RM25mil profit in quarter ended Sept 30 on post-pandemic recovery

KUALA LUMPUR: AirAsia X (AAX) recorded a net profit of RM25.09 million and revenue of RM100.10 million for the fifth quarter ended Sept 30, 2022 (Q5 2022) on the back of post-pandemic economic recovery.

Due to a change in its financial reporting period, there were no comparable figures for the preceding year's corresponding period.

AirAsia X Malaysia chief executive officer Benyamin Ismail said "AAX is now well on track in its recovery path even as the airline is compelled to operate in a challenging operational environment dictated by high fuel prices and a weakened Malaysian ringgit against the US dollar.”

"While we are cautious of the strenuous operating conditions, we remain confident that the recovery of the company is on the horizon, if not already within our reach.

"Despite a higher fare environment, we are confident of still providing the best-valued fares in our category in the market.

"We look forward to resuming services to more of our mid-range destinations in the coming months," he said in a statement today.

On Aug 18, 2022, AAX announced a change in its financial year-end to Dec 31, 2022, hence covering a period of 18 months.

It had on Dec 2, 2020 announced a change in its financial year end from Dec 31, 2020 to June 30, 2021, consequently, there will be no available comparative financial information for the preceding financial year’s corresponding periods.

The mid-range affiliate airline of AirAsia Aviation Group also said its cash position more than tripled to RM79.5 million.

AAX said recovery across all key metrics has significantly improved as scheduled passenger and charter flights, as well as ancillary revenues, have demonstrated strong recovery compared to the preceding quarter.

Its passenger load factor (PLF) recorded a commendable 73 per cent during the quarter, less than 10 percentage points from its pre-COVID-19 PLF of 81 per cent in 2019.

The company also carried a total of 80,385 passengers during the period under review compared to 8,892 passengers during the period from April 2022 until June 2022.

Its seat capacity grew to 110,615 during the quarter from 27,521 in the preceding quarter as additional markets and frequencies were introduced in Q5 2022.

Currently, AAX operates a fleet of six A330s from a fleet of nine A330 aircraft with two A330 aircraft returned during the quarter under review.

The airline expects to increase its operating fleet to 13 A330 aircraft by the first half of 2023. - Bernama