25 May '11, 5am

#AirAsia's Q1 net profit down 23% to $56.1m

Petaling Jaya (The Star/ANN) - Malaysia-based low-cost carrier AirAsia Bhd's net profit declined 23% to 171.93mil ringgit (US$56.1mil) for the first quarter ended March 31 from 224.11mil ringgit posted in the same quarter last year, mainly due to lower unrealised foreign exchange gains. However, the airline recorded a revenue growth of 21% to 1.05bil ringgit compared with 870.61mil ringgit posted in the same quarter previously due to a 17% increase in passenger volume and higher ancillary income per passenger which rose year-on-year (yoy) by 31% to 50 ringgit from 38 ringgit. AirAsia group chief executive officer Tony Fernandes said the airline's operating profit margins were also higher yoy due to tighter control of costs. Operating profit for the first quarter was 241.72mil ringgit against 165.05mil ringgit a year ago. For the Malaysian operations, the airline saw load f...

Full article: http://sg.news.yahoo.com/airasias-q1-net-profit-down-23-5...

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