SEPANG, 26 AUGUST 2020– AirAsia X Berhad (“AirAsia X” or “the Company”) today reported its financial results for the second quarter ended 30 June 2020 (“2Q20”).
The Company reported a revenue of RM91.4 million during the quarter against RM1.01 billion charted in the same period in 2019, pre-COVID-19. The Company remained in hibernation throughout 2Q20 and continues in hibernation mode to date, 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 (“PLF”) was recorded at 38%. This came on the back of flights ferrying cargo with minimal passenger take-up during the month of April 2020.
In 2Q20, the Company posted a loss before interest, taxes, depreciation, and amortisation of RM129.2 million as compared to earnings before interest, taxes, depreciation, and amortisation of RM120.8 million in the same period last year. Net loss for the quarter stood at RM305.2 million.
During the quarter under review, our associate in Thailand recorded a revenue of USD4.7 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 USD54.2 million for the quarter.
AirAsia X as a Group is expected to remain in hibernation mode in the near term. The prospect of resuming scheduled flights is intrinsically linked to the easing of travel restrictions and lifting of border controls as well as the trajectory of the recovery in demand for international air travel.
The Company wishes to assure stakeholders that all efforts are being implemented to mitigate the current situation and to brace the new normalcy. 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, the Company has hedged fuel at an average Brent price of USD61.45, while 70% of its 2020 Brent fuel hedging contracts have been restructured in one form or another. The Group expects to see some hedging losses as fuel prices are expected to remain weak in the near term.