The fourth quarter’s net loss of 5.19 billion baht, as opposed to the second quarter’s losses of 267 million baht, reduced the net profit for the year. The Kuala Lumpur-based airline AirAsia X reported overall revenue of 3.49 billion baht for the 2022 fiscal year, with fourth-quarter revenue of just 853 million baht. While overcoming the challenges posed by ongoing Covid-19 restrictions and rules that slow down travel, the low-cost airline is renewing its goals to meet the regions with the greatest demand for passengers and cargo.
Fuel costs are a significant issue for airlines, as they now make up 35% of operating expenses, up from a prior maximum of 30%. Additionally, even though oil prices are starting to gradually decline, the aviation industry won’t be significantly impacted for some time. Operating and fuel costs are also impacted by the depreciation of the ringgit (and the baht).
AirAsia X stated at the end of 2020 that they were shifting their fiscal year so that it ended in the middle of the calendar year rather than at the end. The airline just began operating new flights to Korea from New Delhi, the capital of India, and Seoul’s Incheon Airport. While some nations are completely open or almost there, others, including Australia, China, Taiwan, and Japan, still have pandemic limitations in place, with restricted access or difficult and drawn-out visa procedures. There are still some coronavirus limitations in place, even in its home country of Malaysia.
By the end of 2022 or the beginning of 2023, AirAsia X plans to increase service to Australia and Japan in accordance with the relaxation of their Covid restrictions, as well as Dubai, Istanbul in Turkey, Jeddah in Saudi Arabia, New Zealand, and the UK. Amidst a decline in tourism and exorbitant operational costs, many airlines have been struggling to stay afloat. However, AirAsia X declared a profit of 261 billion baht for the fiscal year that ended on June 20, 2022.
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