AirAsia Bhd posted a net profit of RM161.27mil for the first quarter ended March 31, up 85.6% from RM86.87mil a year earlier, boosted by an improvement in its operations, foreign exchange gains and deferred taxation.
Announcing the strong results yesterday, AirAsia said revenue rose 31% to RM535.15mil from RM406.22mil before. Gross profit from operations rose 39.2% to RM129.31mil from RM92.88mil while pre-tax profit jumped 155% to RM110.17mil from RM43.07mil.
At net profit level, the low-cost carrier also benefited from RM51.54mil in deferred taxation. Earnings per share rose to 6.6 sen from 3.7 sen. It also recorded a foreign exchange gain of RM86.16mil against RM26.32mil a year earlier.
Reviewing the results, the airline said the positive growth was underpinned by higher passenger volume and bigger contribution from ancillary income. Passenger volume rose 21% to 2.61 million from 2.16 million previously.
Source from : Business, The Star Online 30 May 2008.
Despite clouded by slowdown of US economic and high Crude Oil price, AirAsia still can posted a higher profit compared with last year, this really impressed me and and I believe that the hedging strategic that AirAsia had applied before started to bear fruits. The aviation industry is facing a very tough time now and quite a numbers of Low Cost Carrier peers had close shop due to the high Crude Oil. Nevertheless, a good governance and management still the prime key to drive the business further despite the slow down of economic.
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