AirAsia Group Q3 net profit nearly doubles on one-off items
The AirAsia Group saw its net profit nearly double in Q3 thanks to one-off items, but operating profit dropped significantly mainly because of rising fuel costs. The group reported a Q3 net profit of RM804m (US$192m), up from RM434m in the same period a year earlier. The result was boosted by the sale of its stake in a joint venture with Expedia, and the reversal of deferred tax liabilities. Excluding these factors, the group’s operating profit was RM253m, down 49% from RM494m last year. Revenue for the quarter increased 7% to RM2.6b, partly because of a 9% increase in passengers and average fares up 3%. However, load factor decreased by 5 points to 82%, as the 5% traffic gain was exceeded by a 10% capacity rise. Unit costs rose 12%, with fuel price increasing by 50%. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-11-30/unaligned/airasia-group-q3-net-profit-nearly-doubles-on-one-off-items
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AirAsia Group Q3 net profit nearly doubles on one-off items
The AirAsia Group saw its net profit nearly double in Q3 thanks to one-off items, but operating profit dropped significantly mainly because of rising fuel costs. The group reported a Q3 net profit of RM804m (US$192m), up from RM434m in the same period a year earlier. The result was boosted by the sale of its stake in a joint venture with Expedia, and the reversal of deferred tax liabilities. Excluding these factors, the group’s operating profit was RM253m, down 49% from RM494m last year. Revenue for the quarter increased 7% to RM2.6b, partly because of a 9% increase in passengers and average fares up 3%. However, load factor decreased by 5 points to 82%, as the 5% traffic gain was exceeded by a 10% capacity rise. Unit costs rose 12%, with fuel price increasing by 50%. <br/>
