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Malaysia's AirAsia X profit sinks on weak ringgit, higher fuel costs
May 23, 2017 / 10:37 AM / 4 months ago

Malaysia's AirAsia X profit sinks on weak ringgit, higher fuel costs

KUALA LUMPUR, May 23 (Reuters) - Malaysian long-haul budget airline AirAsia X on Tuesday reported a 94.2 percent dive in its quarterly profit, hit by a weaker ringgit and higher fuel costs.

For the first quarter ended March, net profit came in at 10.3 million ringgit ($2.40 million), from 179.5 million ringgit a year ago. Revenue rose 22 percent to 1.2 billion ringgit.

Some analysts had said that AirAsia X’s headline earnings for the first quarter may underperform largely due to a 122 million ringgit forex gain recorded year ago.

$1 = 4.2920 ringgit Reporting by Liz Lee; Editing by Himani Sarkar

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