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Week 34


AirAsia X reports reduced losses for latest quarter

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August 22nd 2022

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AirAsia X (AAX) has announced a narrowed net loss of 652.5 million ringgit (US$145.8 million) for the three months to June 30 against a net loss of 24.6 billion ringgit in the same months in 2021. Read More » Revenue for the three months was 107.2 million ringgit, AAX said in a regulatory filing to the Bursa Malaysia stock exchange, up 48.3% from 72.3 million ringgit a year ago. For the remainder of this year and into 2023 AAX’s target destinations are Kuala Lumpur to Delhi, Seoul Incheon and scheduled services to Australia, Japan, New Zealand, Saudi Arabia, Turkey, the United Arab Emirates and UK. “The planned services take into account routes with high cargo loads and demand that will contribute positively to the company,” the LCC said. “AAX is operating in a high fuel price environment and managing the repercussions of a weakening [Malaysia] ringgit against the U.S. dollar and the process of obtaining regulatory approvals for the routes. The company expects load factor to build gradually as there are challenges including longer Australian visa application processes, travel restrictions into Japan and Taiwan and limited entry to China.”

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