AirAsia X records historic profit
- Load factor at 75% up 7ppts
- Passengers Carried up 27% YoY
- Revenue up 35% YoY
- EBITDAR up 109% YoY
- Operating Profit up >100% YoY
- Net Profit up by >100% YoY
- RASK up 15% YoY
- CASK down 2% YoY
- Average Base Fare up 34% YoY
AirAsia X Berhad (‚ÄúAAX‚Äù or ‚Äúthe Company‚Äù), the long-haul low-cost airline affiliate of AirAsia Group, today reported its financial results for the Second Quarter (‚Äú2Q16‚Äù) ended 30 June 2016.
The Company recorded its first second quarter profit since inception, boosted by strong revenue growth of 35% year-on-year (‚ÄúYoY‚Äù) to RM883.2 million on the back of 71% YoY increase in scheduled flights revenue, due to stronger demand as the quarter ended with a 75% load factor, up 7 percentage points YoY. This was despite Available Seat Kilometer (‚ÄúASK‚Äù) surging 17% YoY to 6,682 million from 5,693 million in the same period last year following increased frequencies on high-traffic routes.
During the quarter under review, Revenue per Available Seat Kilometer (‚ÄúRASK‚Äù) was up 15% YoY from 11.51 sen to 13.24 sen while average base fare similarly saw a significant growth of 34% YoY to RM526. This was mainly due to higher contributions from China and North Asia markets, which grew 50% YoY and 38% YoY respectively. Cost per Available Seat Kilometer (‚ÄúCASK‚Äù) decreased 2% YoY to 13.20 sen. The decrease in CASK was due to the Company benefiting from the lower fuel prices, which averaged US$59 per barrel compared to US$72 per barrel during the same period last year. However, this was slightly offset by five additional A330 operating lease aircraft with higher rental rates in comparison with 2Q15.
AAX posted an operating profit of RM 20.0 million while Net Profit after Tax (PAT) stood at RM1.0 million, as compared to losses of RM132.9 million in the same period last year. This was mainly due to better average base fare and load factor improvement seen across all core routes, especially China.