AirAsia X shares down on weaker 3QFY20 performance

AirAsia X shares down on weaker 3QFY20 performance
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KUALA LUMPUR (Nov 20): AirAsia X Bhd's (AAX) shares on Bursa Malaysia declined slightly in the early trading session today, as the group reported its net loss for the third quarter ended Sept 30, 2020 (3QFY20) widened to RM308.46 million.

As at 11.25am, the counter eased half a sen to six sen with 7.63 million shares changing hands.

The closure of international borders due to the Covid-19 pandemic dragged the long-haul carrier's revenue down by 94% to RM59.91 million during the quarter under review from RM1.01 billion previously, it said in a filing with Bursa Malaysia yesterday.

For the cumulative nine months ended Sept 30, 2020 (9MFY20), AAX’s net loss ballooned to RM1.16 billion against RM393.67 million in 9MFY19, while revenue shrank to RM1.08 billion from RM3.2 billion previously, the airline said.

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