AirAsia X posts net profit plunge 85% in Q2 2019

AirAsia X’s net profit has plunged 85% to RM46.8 million ($11.1 million) in its second quarter of 2019 due to several factors including the recognition of prior years’ losses in AirAsia India, higher maintenance and overhaul costs; as well as a fine from Malaysia’s competition watchdog agency. EBITDA for the consolidated group stood at RM473 million during the period, down 9% year-on-year primarily due to share of prior years’ losses at AirAsia India previously not recognised amounting to RM147 million. There was also an additional cost related to building up RedBeat Ventures entities, 105% higher maintenance and overhaul expenses due to higher