News
AirAsiaX posts US$2.9 million quarterly loss
February 21st 2022
AirAsia X (AAX) has reported its net loss narrowed to 11.9 million ringgit (US$2.9 million) in the three months to December 31 from a net loss of 174.3 million ringgit in the same months in 2020. Read More » Revenue rose 118% to 119.3 million ringgit, AAX said in a regulatory filing to the Bursa Malaysia. "This substantial increase in revenue is reflective of a new focus on growing the cargo business of the company, a strategy to be combined with the carriage of passengers to ensure all routes operated are profitable on an ongoing basis," AAX said in its financial accounts. "A total of three aircraft were operating during the quarter to December 2021. As more aircraft are progressively brought back into service, cargo and charter revenues are expected to continue growing and be supplemented by revenue from passenger sales when markets reopen." AAX recently completed its share capital reduction where every 10 existing shares were consolidated into one share. The company also is restructuring its debt and raising fresh equity.
