Saturday, August 21, 2010

Malaysia's AirAsia posts 1Q profit of $69 million

31 May 2010

Budget carrier AirAsia said Monday it posted a net profit of 224 million ringgit ($69 million) in the first quarter of 2010, thanks to strong passenger growth and rising income from in-flight services.

Profit for the three months through March grew 10 percent from 203 million ringgit a year earlier, AirAsia said in a statement. Revenue also jumped 10 percent year-on-year, from 797 million ringgit to 878 million ringgit.

Southeast Asia's largest no-frills carrier reported a 17.1 percent increase in passengers to 3.7 million people for the three months, as well as a 31 percent jump in income from charging for services including in-flight food and checking larger baggage.

AirAsia chief executive Tony Fernandes voiced optimism on the outlook for 2010, saying advance bookings were good and the carrier plans to add new routes to India and various parts of Southeast Asia.

AirAsia has partially hedged fuel requirements through December 2010, helping to mitigate oil price volatility, Fernandes said.

No comments: