AirAsia, Asia's largest low-cost carrier by fleet size, said Tuesday that its fourth-quarter profit jumped 168 percent year-on-year amid increased passengers. AirAsia said in a statement that net profit for the quarter ending December 31 stood at 350.65 million ringgit ($114.08 million), up from 130.68 million ringgit in the same quarter the previous year thanks to "a seasonally strong quarter". Revenue for the quarter was a record 1.41 billion ringgit, up 10 percent, as more people flew the airline, which increased its aircraft in Malaysia to more than 60. "It has been another good quarter and overall a great year for AirAsia as we continue to defy the industry in terms of operational and financial performance," said Malaysia AirAsia chief executive officer Aireen Omar.For the full financial year, AirAsia recorded a 238 percent jump in net profit to 1.88 billion ringgit despite a 1.0 percent rise in the average fuel price this year. Its 2012 revenue increased by 11 percent to 5.0 billion ringgit. Group chief executive officer Tony Fernandes was bullish about the year ahead as AirAsia expands its model -- no frills and keeping operational costs low. "The aviation landscape is constantly changing with high fuel prices and new competition, but through all these challenges AirAsia will continue to defend our leadership titles," he said. AirAsia has grown rapidly since Fernandes, a former record industry executive, bought the failing airline in 2001. It initially had only two aircraft in operation. The group now has a total fleet of 120 A320s and has set up subsidiary budget carriers in Indonesia, the Philippines, Thailand and Japan. The airline, one of the biggest customers for European aircraft maker Airbus, is expecting 360 more aircraft to be delivered up to 2026. Last week it announced a new airline joint venture with India's Tata conglomerate.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor