Malaysia's AirAsia X first-quarter net loss widens

Malaysian long-haul budget airline AirAsia X Bhd reported its sixth consecutive quarterly net loss on May 27, mainly due to foreign exchange losses. The carrier's net loss for the January-March period jumped to 125.9 million ringgit ($34.6 million) from 11.3 million in the same period last year, on revenue up 3.5 percent to 775.37 million.
The results mark the first since former chief Azran Osman Rani resigned following a management reshuffle in January. The company recently completed a $109 million rights issue in a move to bolster its balance sheet.
AirAsia X also said it will manage capacity and rationalise its route strategy, adding: "We are also assessing our options with regards to future aircraft deliveries and will continue to pursue further cost reductions." AirAsia X operates Airbus A330s mainly on routes to Australia, China and Japan.
Shares of AirAsia X have lost 55.3 percent over the past year, underperforming the benchmark index's 5.3 percent fall.