AirAsia X reports four-fold quarter one profit jump, record high revenue

Malaysia’s long-haul budget carrier AirAsia X logged a four-fold jump in quarterly profit Tuesday, courtesy of higher passenger volume and shrinking costs. Net profit for the January-March quarter rose to 41.5m ringgit (US$10.47m) from 10.3m a year earlier while revenue rose 7.2% to a record 1.3b. AirAsia X saw an increase in passenger volume of 13% which the carrier attributed mainly to new routes started since mid-2017. Moving capacity from some Australian routes to flights to the North Asian market also helped. AirAsia X said its cost per unit fell 2% year mainly due to the ringgit strengthening against the dollar. Its average fuel price rose 33% to $88 per barrel, the airline said. Excluding fuel, it cut its costs per unit by 10%. “The company recognizes the challenges posed by the recent hike in fuel prices, and best mitigative efforts are being put forth through the boost in ancillary and capacity numbers,” the airline said in a bourse filing. AirAsia X maintained an unchanged load factor of 84% while expanding capacity by 14%. It carried 1.59m passengers in the quarter.<br/>