AirAsia X posted a net profit of RM328 million in Q1 of 2023 and returned shareholder equity to the positive side of the ledger. In the Q1 of 2023, AAX generated revenue of RM548.8 million around 50% of what it earned in 1Q 2019. Although it is still under the Practice Note 17 classification, AAX pointed out that shareholder equity turned from a negative RM285.2 million in the previous quarter to a positive RM40.8 million in 1Q23.
AirAsia X Thailand (TAAX) posted revenue of RM356.8 million and made a net profit of RM92 million During 1Q 23 the airline recorded 329,913 seats and carried 289,813 passengers, with a load factor of 88%. TAAX did not add any new destinations in the first quarter but has announced the return of its Bangkok-Shanghai route, which an Airbus A330-300 operates.
AirAsia X has added more aircraft to bring back capacity to meet rising demand which seems to have paid off well. The airline is returning more of its parked Airbus widebody aircraft, activating two more in the Q1. The AirAsia X fleet, including aircraft operated by AirAsia X Thailand, has 22 aircraft, including 20 Airbus A330-300s and two A330-900s.
By the end of March, AirAsia X (AAX) said it was operating nine of its fourteen aircraft, while AirAsia X Thailand had five out of eight operational aircraft.
Commenting on bringing more aircraft back into service, AAX CEO Benyamin Ismail said:"Our key priority remains to ensure more aircraft are activated within the stipulated timeline with all safety requirements fulfilled. We have been actively engaging with third-party aircraft lessors for the induction of additional aircraft to join AirAsia X's growing fleet. We are pleased to confirm that as of May 2023, AirAsia X has 17 aircraft within its fleet, with 11 activated and operational."
The airline recorded passenger number to 504,476 in 1Q23, and capacity climbed to 630,069 seats, with a strong load factor of 80%. AAX resumed routes to Osaka (Japan), Busan (South Korea), and Shanghai (China) and increased frequencies on the Tokyo route with plans to increase China capacity.