SEPANG, 29 February 2016: AirAsia X announced Saturday it had achieved its first net profit after eight quarters of losses.
The long-haul low-cost airline affiliate of the AirAsia Group, released details of its latest financial results for the fourth quarter and its full financial year that ended 31 December 2015.
AirAsia X Group CEO Datuk, Kamarudin Meranun, commented on the business environment and outlook for the company: “During the year under review, the company took the biggest steps towards change since its inception, including business and organisational restructuring.”
Thai AirAsia X, operating performance improved in 4Q15 with a higher average base fare and load factor at 83% during the holiday peak period.
“We are optimistic that TAAX will prevail once the ICAO-driven restrictions are lifted, as Thailand is a unique tourist hub that shows quick rebound and ultimately stands unaffected regardless of the various challenges,” he said.
But he conceded that Indonesia AAX (IAAX) faced a series of regulatory uncertainties throughout the year and remains challenging.”
AirAsia X achieved turnaround in its fourth quarter bottom-line with net profit recorded at MYD202 million as compared to a net loss of MYD168 million in 4Q14, on the back of improved operating performance.
Operating Profit grew 8% year-on-year (“YoY”) to MYD115 million, attributed by higher revenue of MYD854 million (+5%YoY) and lower cost (-4%YoY).