AirAsia X first quarter 2024 net profits down

AirAsia X's net profit was down to 80.1 million Malaysian ringgits (approximately $17 million) in its first quarter 2024 results, down from 328 million ringgits ($69.71 million) in the same period last year. Revenues were up 66% year-on-year to 908.9 million ringgits ($193.2 million) in the first quarter, driven by a 90% YoY surge in passenger numbers to 959,623, Its passenger load factor (PLF) was up three percentage points to 83%, driven by peak travel demand from key festive seasons and school holidays. AirAsia X's fleet size was at 18 A330s as of the end of the quarter with 16 in operation. ""We expect the two remaining aircraft to rejoin the operational fleet in July and November this year, while we work towards ensuring our fleet requirements for further growth in the future are secured,"" said AirAsia X CEO Benyamin Ismail. He added: ""We welcome the recent announcement of the extension of the visa-exemption policy to China until 2025; since the relaunch of routes to China, PLF in the country has been strong at about mid-90%, while all-new Almaty proved successful in Central Asia with over 90% PLF routinely trending since its launch. ""Looking to the future, we are excited about the A321XLR aircraft on our orderbook, which will bring our growth ambitions to fruition."" Cost per available seat kilometres (CASK) was down 11% to approximately $0.03, primarily driven by lower operating expenses including the easing of jet fuel prices and buoyed by the hike in available seat kilometre (ASK) capacity. Its associate, AirAsia X Thailand posted revenues of 543.4 million ringgits ($115.5 million), surging 52% YoY, and posted a net profit of 46.4 million ringgits ($9.86 million. Its net profit had suffered a loss of 55.8 million ringgits ($11.86) due to a foreign exchange loss.