Losses widen at AirAsia X

Losses widen at AirAsia X

Travellers stand at an AirAsia group sales counter at Kuala Lumpur International Airport. Long-haul budget carrier AirAsia X suffered an after-tax loss of 519.3 million ringgit in 2014. (AP photo)
Travellers stand at an AirAsia group sales counter at Kuala Lumpur International Airport. Long-haul budget carrier AirAsia X suffered an after-tax loss of 519.3 million ringgit in 2014. (AP photo)

KUALA LUMPUR — Long-haul budget carrier AirAsia X suffered an after-tax loss of 519.3 million ringgit ($143. 5 million) in 2014 mainly due to high operating costs and currency depreciation, the company said late Tuesday.

The loss was nearly six times higher than the 88.3-million-ringgit loss in 2013 suffered by the affiliate of Malaysia's AirAsia.

The company's total revenue in 2014 rose by 27.3% to 2.9 billion ringgit, from 2.3 billion ringgit in the previous year, but operating expenses increased by 44.8% to 3.3 billion ringgit.

The company added that due to the weakening of the ringgit against the US dollar, it had recorded millions in foreign-exchange losses on borrowings and fuel-hedging contracts.

"Our company is faced with challenges in a difficult industry-wide operating environment," it said.

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