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2019 Q2 Financial Results for Airasia Group/Airasia X

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Capacity cuts lead AirAsia X to wider Q2 loss

 

Lower capacity as it terminated some routes led AirAsia X to post an operating loss of MYR110 million ($26.3 million) for the second quarter.
The loss was a 14% increase compared to the the previous corresponding quarter loss of MYR96 million.
Total revenue for the three months ended 30 June fell 4.5% to MYR1.01 billion, and total expenses were up 8.6% to MYR1.14 billion driven by higher depreciation costs.
At 30 June the company's cash and cash equivalents amounted to MYR276 million,up from MYR252 million at the start of the quarter.
The carrier also flagged that it will commence short-haul flights on the Kuala Lumpur-Singapore and Taipei-Okinawa routes in a bid to boost revenue and increase fleet utilisation.
For the rest of 2019, the company has also hedged up to 85% of its fuel requirements at an average fuel hedging price of $77.
AirAsia X indicated that it will introduce high-density configuration on some of its aircraft that could be used on routes of less than six hours, while it is also planning an "aggressive" fleet substitution plan to replace its A330-300s with new -900s as they are delivered.
More:
Press Release:
Analysts' Presso:
Bursa Malaysia filing:

 

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Depreciation costs drag AirAsia Q2 profit down 53%

 

 

Sharply higher depreciation resulting from its recent sale-and-leaseback activity saw AirAsia Group report a 53% slide in operating profit to MYR207 million ($49 million) for the second quarter.
Revenue for the April-June period was up 20% to MYR3.14 billion, aided by higher passenger numbers and unit passenger revenue. RPKs across the group grew 16%, slightly lower than its 17% increase in ASKs, leading to a one-point decline in load factor to 85%.
The airline noted that it was impacted by a MYR160 million charge for higher maintenance provisions on its leased aircraft, stemming from recent sale-and-leasebacks of its fleet to BBAM and Castlelake, and changes in accounting standards.
Net profit fell 85% to MYR46.8 million as the company reported a MYR19.9 million loss on foreign exchange. It also recognised MYR147 million in previously incurred losses from AirAsia India, resulting from a change in its investment in the company.
Across its airline operations, earnings before interest, tax, depreciation and amortisation (EBITDA) fell 14% to MYR436 million, as weaker results from its Thai unit offset stronger performances in Indonesia, the Philippines and India.

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