AirAsia X pulls out of dive

February 29, 2016 by  
Filed under Aviation, Malaysia, News

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.”

inside no 5The group CEO said the initiatives produced a positive contribution as we achieved the first net profit after eight quarters of losses since 4Q13.

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).

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