Malaysia's AirAsia X posts 80 pct plunge in Q4 profit
Reuters
February 22, 2017 18:23 MYT
February 22, 2017 18:23 MYT
The airline said profits fell "mainly due to the unfavourable foreign currency movement in the fourth quarter of 2016, whereas in contrast, there was a favourable foreign currency movement in the fourth quarter of 2015". - Filepic
Malaysian long-haul budget airline AirAsia X Bhd on Wednesday said its fourth-quarter profit plunged 80 percent from a year ago, hit by foreign exchange volatility over the period.
AirAsia X posted a net profit of 39 million ringgit ($8.76 million), lower than 197.4 million ringgit a year ago. This was, however, a fifth straight quarter of profits for the airline.
Revenue rose 39 percent to 1.17 billion ringgit ($262.86 million) versus 841.1 million ringgit a year ago.
The airline said profits fell "mainly due to the unfavourable foreign currency movement in the fourth quarter of 2016, whereas in contrast, there was a favourable foreign currency movement in the fourth quarter of 2015".
It added that based on the current forward booking trend, forward loads and average fares are trending better than the previous year. ($1 = 4.4510 ringgit)