AirAsia X posts quarterly loss as fuel costs bite, withholds 2026 targets

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May 14 : Malaysia's AirAsia X swung to a quarterly net loss on Thursday as volatile jet fuel prices weighed on the carrier, leading it to withhold previously communicated 2026 internal targets until the operating environment stabilises.

The long-haul, low-cost carrier posted a attributable net loss of 154.9 million ringgit ($39.41 million) for the quarter ended March 31, compared with a profit attributable at 78.6 million ringgit reported in the previous quarter.

Here are some details:

• The budget carrier said it had raised fares and added fuel surcharges, temporarily suspended 21 routes for one to five months and cut flight frequencies to curb costs and optimise capacity.

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• The results mark the first reporting period following the completion of its acquisition of AirAsia Aviation Group and AirAsia Berhad in January, creating an enlarged aviation group with seven airlines under one platform.

• The company's fiscal 2026 targets, announced in its annual results late February, included revenue of 25 billion ringgit, earnings before interest, taxes, depreciation and amortisation (EBITDA) of 5 billion ringgit and a net operating profit (NOP) margin of 5 per cent, following the integration.

• The group warned in its results on Thursday that jet fuel prices would likely stay above historical averages, adding it would continue monitoring market developments as conditions remained fluid.

• "Our priority remains clear: we will only deploy capacity in markets that meet our minimum hurdle rates," the carrier said in a statement.

• The group added it aimed to complete private or public bond offerings in the second and third quarters of 2026 as it seeks additional funding for refinancing and working capital requirements.

($1 = 3.9300 ringgit)

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