AirAsia X losses narrow in 2Q2013, profitable in 1H2013

AirAsia X revenue up 21% - financial highlights:

• Three months ended 30-Jun-2013:
• • Revenue: MYR491.1 million (USD160.0 million), +21.2% year-on-year;
  • • Ancillary: MYR97.8 million (USD31.9 million), +31.6%;
  • Total operating costs: MYR507.5 million (USD165.3 million), +12.7%;
  • • Fuel: MYR231.1 million (USD75.3 million), +5.1%;
    • Maintenance, overhaul, user charges and other related expenses: MYR101.5 million (USD33.1 million), +9.0%;
  • Operating profit (loss): (MYR11.6 million) (USD3.8 million), compared to a loss of MYR38.0 million (USD12.4 million) in p-c-p;
  • Net profit (loss): (MYR32.3 million) (USD10.5 million), compared to a loss of MYR77.6 million (USD25.3 million) in p-c-p;
  • Passenger numbers: 697,112, +19.8%;
  • Load factor: 81.8%, -0.1 ppt;
  • Average fare: MYR508.8 (USD165.8), +2.5%;
  • Revenue per ASK: MYR11.6 sen (USD 3.8 cents), +9.9%;
  • Cost per ASK: MYR11.9 sen (USD 3.9 cents), +2.9%;
  • Cost per ASK excl fuel: MYR6.5 sen (USD 2.1 cents), +13.4%;
  • Average sector length: 5019km, -5.8%;
• Six months ended 30-Jun-2013:
• • Revenue: MYR1026 million (USD334.4 million), +9.0%;
  • • Ancillary: MYR194.0 million (USD63.2 million), +17.2%;
  • Total operating costs: MYR986.3 million (USD321.3 million), +3.3%;
  • • Fuel: MYR457.8 million (USD149.1 million), -5.2%;
    • Maintenance, overhaul, user charges and other related expenses: MYR196.0 million (USD63.8 million), +5.5%;
  • Operating profit: MYR46.0 million (USD15.0 million), compared to a loss of MYR4.6 million in p-c-p;
  • Net profit: MYR17.9 million (USD5.8 million), compared to a loss of MYR29.1 million in p-c-p;
  • Total assets: MYR3002 million (USD978.0 million);
  • Deposits, cash and bank balances: MYR54.8 million (USD17.9 million);
  • Total liabilities: MYR2412 million (USD785.7 million). [more - original PR]

*Based on the average conversion rate at USD1 = MYR3.0695

AirAsia X: "After the realignment of our network during the first half of 2012, our strategy is now more focused in our core markets, where we will increase frequencies and add new destinations to build a market leadership position. Our return to profitability shows that we were right to re-tool our portfolio to focus on the Asia Pacific region, where there are many under-served markets," Azran Osman-Rani, CEO. Source: Company statement, 20-Aug-2013.