AirAsia X sees better 2016 after earnings buoyed by oil, ringgit

AirAsia X is optimistic about its 2016 earnings after swinging back to profit for a second straight quarter. Better fares, a strengthening ringgit and lower fuel costs during the quarter helped boost earnings, CE Benyamin Ismail said Tuesday. The airline, which had reported 8 consecutive quarters of losses before the turnaround, is counting on rising incomes in the region to spur air travel. “We’ve spent quite a bit on branding and visibility in China and Australia,” Benyamin said. “Japan is our next target to build. It’s going to be a good year.” The airline Tuesday reported a net income of MYR179.5m (US$44m) for the 3 months through March, compared with a loss of MYR125.9m a year ago. Revenue rose 25% to MYR970.7m in Q1. The ringgit’s 10% gain against the dollar in the quarter helped boost earnings during the period. <br/>