AirAsia X has reported a net profit of MYR43.3 million ($10.3 million) in its first quarter 2019 results, up by 4% from the MYR41.5 million achieved in the corresponding period last year.
The group posted that its revenue declined 8.1% to MYR1.17 billion during the first three months of 2019 as it carried less passengers and cut four routes - meaning expenses fell 7.6% to MYR1.12 billion.
The Cost per Available Seat-Kilometre including fuel was down 3% to MYR0.13, while excluding fuel it stood at MYR0.82.
Attributable net profit rose 4.2% to MYR44.3 million, as an MYR89 million gain in foreign exchange offset higher financing costs.
AirAsia X Group CEO Nadda Buranasiri said, “In the past year, we faced a number of setbacks, namely provision for impairment for Indonesian joint-venture, a 35% year on year increase in average fuel price and a series of natural disasters in markets we operate in, most of which are not within the Company’s control. However, AirAsia X’s lean and disciplined cost structure has allowed us to deliver despite uncertainties in fuel and currency."
Thai AirAsia X will receive five A330s over the remainder of the financial year, including two A330-900s.