AirAsia X Posts Net Loss Of RM154.88 Mln In First Quarter Due To Depreciation Of Local Currencies
KUALA LUMPUR, May 14 (Bernama) -- AirAsia X Bhd posted a net loss of RM154.88 million in the first quarter ended March 31, 2026, due to the net foreign exchange losses of RM232.2 million from the depreciation of local currencies including Thai baht, Indonesian rupiah and the Philippine peso against the US dollar during the quarter.
In a filing to Bursa Malaysia today, the airline said it recorded revenue of RM5.95 billion during the quarter as well as earnings before interest, taxes, depreciation, and amortisation of RM1 billion.
There are no comparative figures being presented due to the reverse acquisition of AirAsia X by AirAsia Aviation Group Ltd (AAAGL) from Capital A Bhd. AAAGL being a non-listed private limited company was not required and had not prepared any interim financial statements prior to the reverse acquisition.
It noted that about 15 per cent of the fleet out of 204 operating aircraft at the end of quarter was not in operation during the quarter and the group’s net operating profit was RM198.6 million, before accounting for depreciation and finance cost for non-operating aircraft.
AirAsia X said operating cash flow was positive due to overall improvement in the business.
“The board remains cautiously optimistic, ensuring that by maintaining a lean cost structure and prioritising robust cashflow management, the group is well-positioned to emerge from this period of volatility as a more resilient and efficient carrier,” it added.
The group began 2026 on a transformative note, successfully completing the acquisition of AirAsia Bhd and AirAsia Aviation Group Ltd on Jan 16, 2026 and consolidated under a single enlarged platform has created a streamlined aviation business with seven airlines under one umbrella.
AirAsia X said, however, the first quarter has also presented a challenging macro environment characterised by extreme jet fuel price volatility and geopolitical uncertainties and in response to the sharp escalation in jet fuel prices that began in March 2026, the group has pivoted its immediate focus toward disciplined margin protection and cost neutrality.
The group said it was prioritising balance sheet resilience and cash and liquidity preservation to navigate the current high fuel environment and had successfully drew down approximately US$300 million in funding in the first quarter of 2026, which has been partially utilised to refinance existing debt at more favorable rates and reduce 2026 principal obligations.
“We continue to optimise working capital through active engagement with our vendor ecosystem and are working closely with regional governments to mitigate cost burdens through cost reductions and other support measures,” said AirAsia X.
While the group’s long-term strategy to build the world’s first low-cost network carrier remains intact, further bolstered by the recent delivery of its first A321LR and the newly announced orderbook of 150 A220 aircraft, the immediate priority is navigating current market fluidity, it added.
AirAsia X said the outlook for jet fuel prices remains elevated compared to historical averages, and as the situation continues to be fluid, the group would monitor market developments closely.
“Consequently, the group has elected to temporarily withhold its previously communicated internal targets for 2026 until the operating environment stabilises,” it added.
-- BERNAMA