UPDATE 1-AirAsia X reports four-fold Q1 profit jump, record high revenue [Reuters]
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Source: Reuters
AirAsia X reports four-fold quarter one profit jump, record high revenue | Reuters Reuters Staff 2 Min Read KUALA LUMPUR (Reuters) - Malaysia’s long-haul budget carrier AirAsia X Bhd ( AIRX.KL ) logged a four-fold jump in quarterly profit on Tuesday, courtesy of higher passenger volume and shrinking costs. Net profit for the January-March quarter rose to 41.5 million ringgit ($10.47 million) from 10.3 million a year earlier while revenue rose 7.2 percent to a record 1.3 billion. AirAsia X saw an increase in passenger volume of 13 percent which the carrier attributed mainly to new routes started since mid-2017. Moving capacity from some Australian routes to flights to the North Asian market also helped. AirAsia X said its cost per unit fell 2 percent year mainly due to the ringgit MYR= strengthening against the dollar. The ringgit strengthened 4.5 percent in the first quarter, helping offset a rise in oil prices. Its average fuel price rose 33 percent to $88 per barrel, the airline s
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