PETALING JAYA: AirAsia X Bhd reported revenue of RM91.4 million during the quarter against RM1.01 billion charted in the same period in 2019,
The company posted a net loss of RM305.2 million for the quarter, as it remained in hibernation throughout second-quarter 2020 and continues to be in hibernation mode, maintaining only minimal operations in support of the repatriation of travellers and transportation of cargo.
Seat capacity and the total number of passengers carried during the quarter were recorded at 6,032 and 2,291 respectively, while Passenger Load Factor was recorded at 38%. This came on the back of flights ferrying cargo with April 2020.
“During the quarter under review, our associate in Thailand recorded a revenue of US$4.7 million and the number of passengers carried during the quarter stood at 309 while seat capacity was recorded at 377. AirAsia X Thailand reported a net loss of US$54.2 million for the quarter,” it said in its exchange filing.
Looking ahead, the group said it is expected to remain in hibernation mode in the near term, as the prospect of resuming scheduled flights is intrinsically linked to the easing of travel restrictions and lifting of border controls as well as the recovery in demand for international air travel.
“The company is in active engagement with its business partners to reschedule payments and reduce costs as well as to renegotiate terms of contracts to ensure that cash is preserved for when scheduled operations resume. The company also continues to push through numerous digitalisation initiatives that are being implemented across the wider AirAsia Group which will boost uptake for ancillary and freight services and further reduce costs.”
For 2020, AirAsia X has hedged fuel at an average Brent price of US$61.45, while 70% of its 2020 Brent fuel hedging contracts have been restructured in one form or another, but it expects to see some hedging losses as fuel prices are expected to stay weak in the near term.
source https://www.thesundaily.my/business/airasia-reports-lower-quarterly-revenue-AM3680112
No comments:
Post a Comment