KUALA LUMPUR – AirAsia X Bhd’s (AAX) net profit for the first quarter ended March 31, 2023 (Q1 FY2023) came in at RM327.99 million, against an unusual profit of RM33.62 billion it booked last year over an 18-month period due to the completion of a debt restructuring exercise.
The long-haul, low-cost airline’s revenue jumped to RM548.84 million from RM113.02 million in the same period last year as international travel bounced back.
“The group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) more than doubled to RM360.3 million for the quarter under review, against the EBITDA of RM170.3 million in the preceding quarter ended December 31, 2022, primarily due to a 62% increase in revenue.
“The group’s revenue continued its climb since the full resumption of international air travel in October 2022.
“During the period, the group reported revenue of RM548.8 million, triple the revenue recorded in the same period of 2022,” it told the stock exchange.
On its prospects, the group reported that it has been on a steady and ongoing course of relaunching all of its profitable routes to China and increasing frequencies on routes with high demand.
“The group currently operates nine aircraft and expects 16 aircraft to be operational by the end of 2023 to support its expansion plans and maximise the value to the group.
“Based on historical seasonality, the upcoming quarter is generally a low-sales season. “However, the group is optimistic of the results on the back of strong fare trends, optimised load factors, and more favourable fuel price trends,” it said.
No dividend was declared for the first quarter. – Bernama, May 29, 2023
