AirAsia X second-quarter profits soar on forex gains

AirAsia X Bhd, Malaysia's long-haul budget airline, posted a sharp surge in quarterly profit, driven by foreign exchange gains and realisation of deferred taxes.

The carrier posted a net profit of RM47.4 million ($11.08 million) for the second quarter ended June, versus RM1 million a year ago. Revenue rose 17 percent to 1.04 billion ringgit, from 883.2 million ringgit a year ago.

AirAsia X also saw an increase in passengers carried and higher aircraft leasing income over the period.

The airline noted that passengers carried increased by 34 percent following a 26 percent growth in seat capacity, while aircraft operating lease income rose 15 percent to 123 million ringgit, mainly due to depreciation in the ringgit.