AirAsia X records net profit of RM366.5mil in FY23

KUALA LUMPUR: AirAsia X Bhd (AAX) continues to observe positive trends in the demand for flight services and ancillary products.

The airline is optimistic about maintaining this trajectory, ensuring continued viability for its earnings.

“For the financial period ended Dec 31, 2023 (FY23), the group maintains a fleet of 18 aircraft, with 16 operational. For the upcoming quarter, the group shall maintain its focus on the activation of its full fleet, expected to be complete by 2Q24 and ultimately bringing all 18 aircraft to full operations. This is key to the Group's strategy of relaunching its key profitable markets, particularly now with recovery in China gaining momentum well into 2024,” AAX said in the notes accompanying its financial results.

By March 2024, AAX would have launched its inaugural flight to Almaty, its maiden destination in Kazakhstan.

“This is expected to open up more opportunities for the group to expand its reach into further regions of the world, effectively contributing to the FlyThru connectivity and synergy of the group's network,” AAX said.

In the fourth quarter ended Dec 31, AAX posted a net profit of RM27.4mil, or earnings per share of 6.10 sen against RM153.5mil, or 37.00 sen a year ago.

Revenue for the quarter rose to RM818.2mil versus RM339.3mil in the same period in the previous year.

AAX said its operating costs for this quarter continue to be impacted by the weakening of the ringgit against the US dollar as well as higher fuel price.

For the full year, AAX posted a net profit of RM366.5mil on a higher revenue of RM2.5bil.