KUALA LUMPUR (May 23): Aviation tycoon Tan Sri Tony Fernandes said AirAsia X Bhd, which saw earnings surge in the first quarter ended March 31, 2018 (1QFY18), will continue with its strategy to focus on building frequency and leverage on its strong branding in core countries.

“Great financial results for AirAsia X in 1Q18. Will continue with our strategy to focus on building frequency and leverage on our strong branding in core countries (sic),” Fernandes, who owns a 29.48% stake in AirAsia X and is co-group CEO, said in his latest Twitter post today.

Fernandes' latest tweet followed AirAsia X’s announcement yesterday, in which the long-haul low cost carrier's net profit quadrupled to RM41.5 million in 1QFY18, from RM10.34 million a year ago, to a 13% increase in passenger volume, amid lower operating cost.

Quarterly revenue jumped 7.2% to a record RM1.27 billion, from RM1.18 billion in 1QFY17.

Meanwhile, Fernandes said profits for Thai AirAsia X was “also [the] strongest we've seen so far and they're set to go bigger.”

For 1QFY18, AirAsia X’s operations in Thailand posted RM86.21 million in pre-tax profit, a 294.22% soar from RM21.87 million in the same period a year ago. 

Currently, Thai AirAsia X contributes 20.43% to AirAsia X's overall revenue.

At 10:55am, AirAsia X shares were traded unchanged at 38 sen, for a market capitalisation of RM1.58 billion.