The deferred tax is and had been part of AirAsia earnings for the past few years and should last for a while longer. ( Not an expert on this but best you ask someone with more knowledge on this issue)
The currency loss stems from AirAsia's borrowings which is largely denominated in USD.
The worrying issue is AirAsia borrowing is also increasing (due to funding of new planes).
With the ringgit now firmly weakened against the USD, currency losses is NOT going to disappear anytime soon.
When we considered that the past few years, AirAsia earning too had gain couple hundred million in currency gains and the market did NOT discount those gains, then we should NOT discount these losses either now.

Yes, this is simply the cost of doing business and with AirAsia business model needing more planes constantly, playing the borrowings/leverage game is a must.

Yes, I too am impressed with the company 'growth' but I believe there is huge price to be paid for this growth.

The one thing that was a one off in AirAsia's earnings was its disposal in AirAsia Japan.
That disposal of interest boosted earnings by 78 million.
And if this earnings is 'deducted' AirAsia's earnings would be negative for the quarter, ie AirAsia would have incurred losses.

Another worry now is, cash flow has turned back to negative.

I believe the whole idea stems from the phrase "buy what we see/know/use ...."

the risk in such loosely phrased investment ideas that were used/mentioned by greats like Buffett is that sometimes things only look good on the outside....

for example...
airline product or services such as AirAsia is so damn popular....
every 1 sees it...
every 1 uses it....
every time they fly...
they see nothing but passengers only...
so how can AirAsia not be good?

Answer?
The company is fundamentally flawed....
build on EXTREMELY aggressive expansions which was funded by DEBTS.....

such business model is never strong.....

best case exaample?
AAX itself.
It's so buried with loans...
that it has yet to be even profitable since listing!

which is the RISK.
people see from the outside...
so many people flying AirAsia...
so they equate the company to be good....
but it is not the case!

also... same with cheap oil...
yeah oil is cheap...
but if one had studied Tony's character...
one would have realized that he is a gambler...
he made many hedges before...
and he lost millions....
to the extent, many years ago, he had to apologize in the local media claiming no more hedging bets...
and look at him now...
he CHASED the falling oil...
and he hedged big and early....
end?
AirAsia oil hedges is at 80 bucks....
literally losing millions due to his recklessness and eagerness in hedging.

yeah.... many like to invest in big names/brands...
products they see and they use...
this is what they were taught.....
I wonder if they ever considered the risks involved?