AirAsia X 3Q net loss at RM211m, revenue higher at RM699m

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KUALA LUMPUR (Nov 19): AirAsia X Bhd posted a net loss of RM210.85 million for the third quarter ended September 30, 2014 (3QFY14), from a net profit of RM26.44 million a year earlier.

The 3QFY14 loss came on higher operating and finance expenses, besides foreign exchange losses, long-haul budget airline AirAsia X said in its filling with Bursa Malaysia today.

This is AirAsia X's fourth quarterly loss since 4QFY13.

In 3QFY14, AirAsia X said revenue however, increased to RM698.76 million, from RM601.49 million.

For 9MFY14, AirAsia X posted a net loss of RM350.92 million, versus a net profit of RM44.34 million a year earlier. Revenue grew to RM2.12 billion, from RM1.63 billion.

During 3QFY14, AirAsia X said revenue from passenger seat sales decreased to RM352 million, from RM353.4 million a year earlier.

Revenue per available seat-kilometer decreased to 9.5 sen, from 11.25 sen.

"This decrease was due to reduction in passenger load factor to 80.6% in 3QFY14, as compared to 82.3% for 3QFY13, as well as reduction in average passenger fare to RM420.09 in the 3QFY14, as compared to RM501.07 in 3QFY13," it said

In 3QFY14, AirAsiaX said operating expenses increased to RM842.5 million, primarily due to staff, fuel and maintenance expenses.

Despite reporting net losses, the firm said it remained positive on its outlook.

"The company expects its prospects to remain positive — barring any unforeseen external circumstances, including but not limited to terrorists attacks, natural disasters, epidemics, economic downturns, fuel price hikes, and fluctuations in foreign currencies against the ringgit".

At 2.33pm, AirAsia X shares fell 2.5 sen or 3.6% to 67.5 sen, for a market capitalisation of RM1.6 billion.