AirAsia Q3 net profit falls 77.52% on forex losses

November 20, 2013 9:43 PM

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AirAsia Q3 net profit falls 77.52% on forex losses

PETALING JAYA (Nov 21, 2013): AirAsia Bhd's net profit for the third quarter ended Sept 30, 2013 (Q3FY13) fell 77.52% to RM35.48 million from RM157.81 million a year ago, due to foreign exchange losses of RM185.89 million.

Its Q3FY13 revenue however improved by 3.5% to RM1.28 billion from RM1.24 billion a year ago due to higher passenger volume which grew 11% to 5.26 million from 4.75 million a year ago while the average fare was down 12% at RM169 as compared to RM191 achieved a year ago.

The airline's operating profit for the quarter rose 5.02% to RM291.06 million from RM277.16 million a year ago. Capacity also grew 11% to 6.87 million from 6.19 million a year ago while load factor remained the same at 77%. Ancillary income per passenger year-on-year increased from RM40 to RM41.

AirAsia's 45% owned associate company Thai AirAsia achieved an operating profit of THB377.6 million in Q3FY13, compared with THB230.7 million a year ago. It achieved a net profit of THB297.3 million in Q3FY13 compared with a net profit of THB186.8 million a year ago.

Thai AirAsia's revenue for Q3FY13 rose 26% to THB5,595.1 million compared with THB4,426.4 million a year ago due to higher passenger volume which increased by 30% year-on-year despite a 2% decrease in the year-on-year unit passenger revenue.

Anciliary income per passenger increased by 11% year-on-year. Passengers carried by Thai AirAsia increased as capacity rose 27% year-on-year while the seat load factor increased by 1% point to 83%.

Meanwhile Indonesia AirAsia achieved lower operating profit of IDR113.6 billion in Q3FY13 compared with an operating profit of IDR138.3 billion a year ago. It recorded a net profit of IDR2.4 billion in Q3FY13 as compared with a net profit of IDR74.5 billion a year ago.

Revenue for Indonesia AirAsia rose 35% to IDR 1,619.2 billion in Q3FY13 from IDR 1,200.4 billion a year ago due to higher passenger volumes which increased by 36% year-on-year despite the 1% decrease in the year-on-year unit passenger revenue. Anciliary income per passenger increased by 8% year-on-year.

Passengers carried by Indonesia AirAsia increased as capacity rose 41% year-on-year while the seat load factor decreased 3% points to 75%.

The AirAsia share of the net profit in Q3FY13 amounted to RM8.5 million. However, as the group's interest in Indonesia AirAsia has been reduced to zero, any profits will only be recognised when a total of RM154.7 million of unrecognised losses have been reversed.

AirAsia Philippines recorded a net loss of RM21.3 million (quarter ended 30 Sept 2012: net loss of RM25.6 million) in the quarter under review. As the group's interest in AirAsia Philippines has been reduced to zero, any profits will only be recognised when a total of RM55.8 million of unrecognised losses have been reversed.

For the nine months ended Sept 30, 2013, AirAsia's net profit fell 59.15% to RM198.62 million from RM486.20 million a year ago while revenue rose 6.91% to RM3.84 billion from RM3.59 billion a year ago.

Its operating profit for the nine months rose 11.27% to RM786.17 million from RM706.57 million a year ago.

Source: thesundaily.my

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