SINGAPORE (Nov 26): AirAsia X Bhd (AAX) was hit by a RM138.2 million ($45.2 million) impairment on an amount due from a joint venture in 3QFY2018 ended Sept 30, which caused its net loss to widen to RM197.47 million from RM43.3 million in the same period last year.

Also contributing to the decline was higher average fuel price in the quarter under review at US$91 a barrel, against US$65/bbl recorded in 3QFY2017, AAX says in a Bursa Malaysia filing Nov 21. Consequently, its quarterly loss per share widened to 4.8 sen, from one sen previously.

Quarterly revenue slid 4% y-o-y to RM1.08 billion from RM1.12 billion, on decreased scheduled flight revenue following a 5% drop in average base fare to RM473 a passenger, owing to the introduction of new routes and capacity building on established ones.

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