AirAsia X for the Fifth Quarter of 2022 ending 30 September 2022 posted a net profit of RM25.1 million for the quarter, as compared to a net loss of RM652.5 million in the preceding quarter. Revenue was slightly lower at RM100.1 million as compared to RM107.2 million during the period ending 30 June 2022 (“4Q22”) on the back of a reduction in revenue from the freight services segment due to normalised scheduled flight operations.
For 5Q22, the Company posted earnings before interest, taxes, depreciation, and amortisation of RM25.4 million while profit before tax for the period stood at RM23.8 million.
Operationally, the Company reported that the Passenger Load Factor was recorded at a commendable 73% during the quarter – less than 10 percentage points short of its pre-COVID-19 PLF of 81% in 2019. The Company carried a total of 80,385 passengers during the period under review as compared to 8,892 passengers during the period from April – June 2022. Seat capacity grew to 110,615 during the quarter from 27,521 in the preceding quarter as additional markets and frequencies were introduced in 5Q22.
During the period under review, the total number of sectors flown increased to 291 sectors from 226 sectors in 4Q22. Following its return to scheduled services in April 2022, the Company has made notable progress in its network recovery – adding Sydney and two new dense-short-haul routes to Kota Kinabalu and Kuching to its network in September 2022. AAX also introduced increased frequency to existing markets in Seoul and Delhi to cater to strong pent-up demand.
In terms of balance sheet and cashflow, the Company charted a cash balance of RM79.5 million for the period ending 30 September 2022 – an increase of beyond 100% as compared to RM25.1 million in the preceding quarter. This was achieved predominantly on the back of a V-shaped air travel revival supporting the resumption of scheduled passenger flights to many of its most popular and profitable destinations, along with charter and cargo flights.
Commenting on the Company’s performance for the quarter and outlook, AirAsia X Malaysia CEO Benyamin Ismail said: “AAX is now well on track in its recovery path even as the airline is compelled to operate in a challenging operational environment dictated by high fuel prices and a weakened Malaysian Ringgit against the US Dollar. While we are cautious of the strenuous operating conditions, we remain confident that the recovery of the Company is on the horizon, if not already within our reach.
“In terms of average base fare, we continue to see a healthy trend of RM625 during the quarter, as compared to sub-RM500 pre-COVID-19.
AAX posted a revenue performance of USD6.1 million during the quarter, with a net loss of USD52.2 million.
Currently, AAX operates a fleet of six A330s from a fleet of nine A330 aircraft as two A330 aircraft were returned during the quarter under review. The airline expects to increase its operating fleet to 13 A330 aircraft by the first half of the calendar year 2023 to meet strong consumer demand.
AAX had on 18 August 2022 announced the change of its financial year end to 31 December 2022, hence covering a period of 18 months. This came on the back of the completion of its restructuring exercise, to enhance the airline’s operations and recovery strategy, on top of recalibrating its focus on the revamped business plan. AAX had previously on 2 December 2020 announced the change in its financial year end from 31 December 2020 to 30 June 2021.
