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NewsUpdate AAX RM131m in the red on forex loss
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Update AAX RM131m in the red on forex loss
by Cals Tue 25 Feb 2014, 21:26
| Update AAX RM131m in the red on forex loss |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Tuesday, 25 February 2014 19:00 |
KUALA LUMPUR (Feb 25): AirAsia X Bhd was RM131 million in the red due to foreign exchange (forex) losses in the fourth quarter ended Dec 31, 2013.
In the final quarter of 2012, it posted a profit of RM14 million.
Despite the disappointing bottom line, revenue jumped 26% year-on-year to RM680 million from RM539 million.
In a statement to Bursa Malaysia, the budget airline blamed the loss on the stronger US dollar against the ringgit in the 12 months ended Dec 31, 2013 resulting in recognition of forex losses of RM176.2 million.
AirAsia X said it attributed the larger revenue to improvement in revenue per available seat-kilometre, up 0.5% to 12.05 sen, as a result of the route network consolidation exercise undertaken.
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