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Malaysia's AirAsia X posts fourth-quarterly loss on higher costs
[KUALA LUMPUR] Malaysia's AirAsia X Bhd, the long-haul arm of Asia's biggest budget carrier AirAsia Bhd, posted its fourth consecutive quarterly loss as higher operating expenses, foreign exchange losses and finance costs eat into its margins.
AirAsia X reported a net loss of 210.9 million ringgit (US$62.8 million) for the July-September quarter, versus a net profit of 26.4 million ringgit a year earlier.
Revenue rose 16 percent year-on-year to 698.8 million ringgit.
Shares of the carrier rose 0.7 per cent to 70.5 sen prior to the earnings announcement. AirAsia X's shares had lost 29.7 per cent year to date, compared with the benchmark stock index's 2.6 per cent fall.
Parent AirAsia will report its third-quarter results on Wednesday's evening.