AirAsia X falls on the back of Q3 losses

KUALA LUMPUR: AirAsia X Bhd’s share price slid in early morning trade as the airline recorded widening losses.

At 9.45am, the counter was down 1.5 sen or 6.25% to 22.5 sen a share on turnover of 2.8 million shares

An increase in average fuel price and a RM138.2mil impairment made on an amount due from a joint venture resulting in AirAsia X’s net losses jumping almost five times to RM197.47mil from RM43.3mil in the year-ago quarter.

The carrier said the average fuel price in 3Q18 had increased to US$91 per barrel compared with US$65 in 3Q17.

Meanwhile, the impairment made in the third quarter was related to a lease rental and maintenance reserve due from a JV through a third-party leasing intermediary.

Source: TheStar