AirAsia boosts Q3 profit 5% amid strong revenue rise

AirAsia Group's Q3 profit rose 4.6% to more than MYR264 million ($63.3m) as revenue and passenger numbers increased. Revenue for the quarter ended 30 September was up 18% at MYR3.07b. Group-wide traffic likewise grew 18%, slightly lower than the 19% increase in capacity. This resulted in a two-point load-factor decline, to 84%. Expenses related to staff, maintenance and user charges rose amid expansion. Depreciation costs meanwhile grew, reflecting the adoption of a new accounting standard on leases. AirAsia made a net loss of MYR67.5m as it took hits from foreign exchange and fair-value losses on derivatives. The previous year, it had made a MYR804m net profit in the Q3. On a nine-month basis, AirAsia's operating profit halved to MYR707 million, despite a 17% lift in revenue to MYR9.09b. Net profit shrunk 96% to MYR99.5m. Story has further breakdown of results.<br/>