Financial Round Up
AirAsia X loss widens
June 8th 2015
In the first quarter ended March 31, AirAsia X’s net loss widened to 125.9 million ringgit ($34 million), up sharply from the 11.3 million ringgit loss it posted in the corresponding year-ago period. Read More »
AirAsia X blamed exchange rate fluctuations, saying the current ringgit-U.S. dollar exchange rate “was recorded at 3.62, the highest recorded rate compared to 2013 and 2014. This has significantly impacted our result in Q1 as 92% of our borrowings are in U.S. dollars,” the long-haul budget carrier said, adding it also recorded an investment loss of 15 million ringgit in its joint venture with Indonesia AirAsia X.
Overall, Malaysia-headquartered AirAsia Group made a first-quarter net profit of 149.3 million ringgit ($41 million), up 7% year-on-year “due to lower fuel and operating costs”, reversing its 429.4 million net loss posted in the fourth quarter.
