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AirAsia X posts 75.6% drop in quarterly profit
May 28th 2024
AirAsia X (AAX) said net profit for the three months to March 31 2024 fell 75.6% to 80.1 million ringgit (US$17 million), from net profit of 328 million ringgit in the same three months in 2023. Read More » Revenue rose 65.5% to 908.9 million ringgit, AAX said in a regulatory filing. The financial accounts showed operating expenses were more than three times higher year-on-year in the first quarter of calendar 2024. Looking ahead, AAX CEO, Benyamin Ismail, said there were encouraging signs for the strength of the market in the period ahead. "In the next two quarters, we are mindful that the company is entering a traditionally softer travel period based on historical seasonality," Ismail said. "However, we are encouraged by recent fare trends and cost structure, as we step up aircraft utilisation to ensure that efficiency is top-tier."
