AirAsia X records a net loss of RM197.47m in 3Q

AirAsia X Bhd’s (AAX) recorded a higher net loss of RM197.47 million in the third quarter ended Sept 30, 2018 (3Q18), against a net loss of RM43.30 million a year ago, mainly due to increase in average fuel price from US$65 (RM272.54) per barrel in 3Q17 to US$91 per barrel in 3Q18.

The low cost carrier’s has also provided an impairment on amount due from joint venture amounting to RM138.2 million in the quarter. AXX’s revenue for the quarter decreased to RM1.08 billion from RM1.12 billion a year ago due to the reduction of average passenger fares despite the increase of load factor.

The company, in an exchange filing today, noted the cost per available seat kilometers (CASK) increased 12% to 14.62 sen during the quarter mainly due to increase in average fuel price. CASK ex-fuel increased by 0.5% from 9.17 sen in 3Q17 to 9.21 sen for the period. – TMR