KUALA LUMPUR, Aug 28 — AirAsia X Bhd (AAX) has returned to the black with a net profit of RM5.54 million in the second quarter ended June 30, 2023 (2Q FY2023), from a net loss of RM652.52 million registered in the same period last year.

Similarly, the long-haul, low-cost airline’s revenue jumped to RM512.91 million from RM107.18 million previously, over four times higher year-on-year (y-o-y), driven by the recovery of the company’s scheduled flight operations as more aircraft were brought back to service.

"As of June 30, 2023, the company had 11 aircraft activated, compared to five aircraft during the same corresponding period last year,” it said in a filing with Bursa Malaysia today.

In a statement, AAX said the turnover for the quarter marks a notable recovery rate of over 50 per cent compared to the company’s performance in 2019, in which the number of aircraft it operates remains less than half of the operational fleet number in 2019.

During the quarter under review, it said the company carried a total of 621,984 passengers, delivering a surge of 70 times y-o-y, consequently posting a healthy passenger load factor (PLF) of 76 per cent, which is 47 percentage points higher than the 29 per cent PLF reported for the corresponding quarter ended June 30, 2022.

"In terms of associate’s performance, AirAsia X Thailand (TAAX) reported overall revenue of RM351.9 million, five times higher than the same period last year, and demonstrated a strong recovery of over 90 per cent from 2019.

"In 2Q FY2023, TAAX posted a net operating profit of RM33.5 million as the airline recovers,” it said.

Meanwhile, AirAsia X chief executive officer Benyamin Ismail said the company is optimistic about China’s massive potential as a key market.

He expects flight frequency to China to grow three-fold by the end of the year as traffic from China gains momentum.

"In terms of fleet, we are looking at adding one aircraft to the existing fleet of 17 aircraft, bringing the total number of aircraft in the fleet to 18.

"At this juncture, we remain on track to have at least 16 aircraft operational by the final quarter of the year and are assured that we will maximise the upside from the market once the year-end peak travel season kicks in,” Benyamin said.

In terms of its financial position for 2Q, he said AAX’s cash balance stood at RM269 million and shareholders’ equity increased to RM96.1 million.

"The company is also focused on addressing its Practice Note 17/2005 (PN17) status, and in July 2023, submitted a waiver application to Bursa Securities.

"As the matter progresses, AAX shall ensure that material announcements are made accordingly as per due process,” Benyamin added.

No dividend was declared for the second quarter. — Bernama