KUALA LUMPUR (Nov 29): Low-cost, medium-haul airline AirAsia X Bhd (KL:AAX) reported a surge in net profit for the third quarter, as currency gains and higher revenue offset a jump in operating expenses.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) was RM121.64 million, a 22-time jump when compared to the same quarter last year, AirAsia X said in an exchange filing. The company booked RM125.29 million from both realised and unrealised net foreign exchange gains.

Revenue meanwhile rose 23% to RM795.03 million on higher ticket sales and ancillary revenue.

Despite the higher revenue, AirAsia X’s average passenger fare dropped 14% to RM443 in 3QFY2024, from RM514 in the same quarter a year ago.

While revenue per available seat kilometre (ASK) increased 5% to 15.43 sen from 14.69 sen a year ago, cost per ASK grew at a higher rate of 20% during the quarter to 13.98 sen, from 11.70 sen previously.

The load factor increased to 84% from 80%.

No dividend was declared for the latest quarter.

AirAsia X expects to sustain its momentum in 4QFY2024, as the final quarter is expected to be the busiest for international travel industry. The group noted that the recent strengthening of the ringgit has been particularly encouraging.

For the first nine months ended Sept 30, 2024 (9MFY2024), net profit was RM206.58 million, down 39% when compared to 9MFY2023. A spike in aircraft fuel costs and other operating expenses wiped out the increase in cumulative revenue, which was up 39% year-on-year to RM2.37 billion.

The company has nearly reactivated its entire 18-aircraft fleet except one plane, which is expected to be reactivated by 1QFY2025, it added.

Shares of AirAsia X ended 12 sen or nearly 6% lower at RM1.92 on Friday, valuing the stock at RM844.04 million ahead of the results announcement.