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AirAsia Berhad reported last week its results for the first quarter ending 31 March 2012. The Company posted a record quarter revenue…
SEPANG- AirAsia Berhad reported last week its results for the first quarter ending 31 March 2012. The Company posted a record quarter revenue of RM1.17 billion, up 11% from a revenue of RM1.05 billion reported in the same quarter last year. The revenue growth came on the back of 12% rise in passengers. Demand for low-cost travel remains strong demonstrated by the maintained high seat load factor of 80%. Net operating profit was reported at RM167.97 million, up 4% from a net operating profit of RM161.90 million reported in 1Q11. Profit after tax for the same period was RM172.43 million, a slight increase of 0.3% from a profit after tax of RM171.93 million reported in 1Q11.
Commenting on the results, Group CEO Tony Fernandes said that “we have defied industry trends again by achieving a 4% growth in net operating profit. This remarkable performance signifies our resilient business model in the volatile and cyclical airline business coupled with the current stubborn high oil prices.”
AirAsia continues to deliver high EBITDAR and EBIT margins of 35% and 21% respectively for the quarter. AirAsia also reported a high profit before taxation margin of 18%, a slight reduction of 1 percentage point YoY, which is remarkable given that AirAsia had to recognised the start-up losses incurred by Philippines’ AirAsia, AirAsia Japan and AirAsia Expedia as they revved up for expansion.
Affiliate Thai AirAsia posted revenue of THB4.87 billion, recording a growth of 18% YoY attributed to higher passenger volume, a consistent contribution from ancillary income and improving yields. Thai AirAsia achieved a net profit of THB621.6 million in 1Q12, compared to a net profit of THB806.7 million in 1Q11. Load factor for the quarter was reported at a remarkable 87%. Indonesia AirAsia, recorded revenue of IDR911.3 billion in 1Q12, 17% higher as compared to the IDR779.0 billion achieved in 1Q11 attributed to higher passenger volumes and higher base fares which rose by 3% over the same quarter in 2011. Passengers carried by Indonesia AirAsia increased by 16% YoY.
On the outlook for the rest of 2012, Fernandes remains bullish on the prospects of the year. “Based on the current forward booking trend, underlying demand in the second quarter remains positive. We shall continue our strategy to maintain high load factors with improving yields. Along with the numerous announcements of new routes and increased frequencies since the start of the year, the Group aims to continue to enhance connectivity for our guests and ensuring the best customer experience with high-quality services and products. This shall be supported by the delivery of 17 more new Airbus A320 in the year, as of to date.”
On the development of Philippines’ AirAsia, Fernandes said “The Philippines is a robust and growing market. We are here because we are confident of its growth. This is just the start for AirAsia revolutionising air travel in the Philippines”. AirAsia launched flights from Clark to Kalibo (gateway to Boracay), Davao and Puerto Princesa in March and April 2012. Speaking on AirAsia’s latest addition to the family, AirAsia Japan, he said “AirAsia Japan is on track to launch operations in the early second half of 2012 and I am ecstatic that we will be starting ticket sales next week.”
Luc Citrinot a French national is a freelance journalist and consultant in tourism and air transport with over 20 years experience. Based in Paris and Bangkok, he works for various travel and air transport trade publications in Europe and Asia.
