Despite registering strong earnings, AirAsia X's (AAX) valuations continue to keep the airline's core net profit margin to a low single digit, according to CIMB Research, on Friday, taking a view that it is still 'structurally risky' to invest in.
AAX has delivered a core net profit of RM19.5 million in 3Q17, better than 3Q16’s RM5.7 million profit, as a result of a turnaround to profits at AirAsia X India (IAAX).
The growth is partially offset by lower earnings at their Malaysia and Thai operations.
For 9M17, AAX’s core net loss was RM3 million, against RM80 million profits for 9M16, as AirAsia X Malaysia (MAAX) fell into losses as a result of higher costs and the weaker ringgit, which more than offset higher revenue.
AAX’s reported net loss of RM43 million in 3Q17 was primarily due to a RM50 million exceptional doubtful debts provision on previous wet-lease revenues.
WATCH OUR INTERVIEW WITH AAX CEO ON THE MARKETPLACE
Ibrahim Sani
Fri Nov 24 2017
Despite registering strong earnings, AirAsia X's (AAX) valuations continue to keep the airline's core net profit margin to a low single digit, according to CIMB Research. -Filepix
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