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KUALA LUMPUR (Nov. 29): The low-cost carrier AirAsia Group Bhd reported an 81.2% increase in net profit to 915.88 million RMB, or 27.4 billion shares in the third quarter ended 30 September 2018 (3QFY18) six years – 505.33 million RMB or 15.1 sen a share last year.
The increase in results is due to a one-time gain on the sale of Expedia, as well as the reversal of deferred tax liabilities resulting from the sale of aircraft, according to the quarterly results of the group published today.
AirAsia stated that the deferred tax of RMB 515.4 million resulted from the reduction of the difference between the net book value and the tax value of property, plant and equipment in the period following the conclusion of the sale and leaseback transactions. on the aircraft.
The group declared a special dividend of 40 sen per share for fiscal year 18, payable on December 28.
The quarterly turnover rose 6.6% from 2.45 billion to 2.61 billion RM, due to a 9% increase in the total number of passengers carried. The overall business figure of the number of passengers per unit increased by 1% due to the increase in the average fare. The load factor was 82% at 3QFY18, compared to 87% at 3QFY17, with the increase in the number of passengers carried being less than 16%, the group said.
Quarterly operating profit, however, halved to RMB 253 million in 3QFY18, compared to RMB494 million in 3QFY17, mainly due to higher fuel costs. "Excluding fuel expenses, the costs were pretty well controlled, showing a 2% reduction in CASK off fuel," AirAsia said.
With the latest quarterly results, the group's net profit for the first nine months of fiscal 2008 increased by 90.9% to reach 2.42 billion RM, or 72.4 sen per share against 1.27 RM billion or 37.9 sen per share last year, while the business turnover grew by 10.3%. to RM.7.78 billion, compared to RM7.05 billion.
On the outlook, AirAsia said its board of directors was cautious about its fiscal year 18 results as it had been impacted by rising fuel prices.
"However, the decline in the price of fuel in December should contribute positively to the operating results of December and 2019," he said.
While the operational environment at 4TQFY18 has improved compared to that of 3QFY18, associated with the holiday season at the end of the year, with additional efforts to reduce costs and continued growth of its associates, the board is confident that fiscal year 2008 would be a profitable year.
The airline also indicated that it was on track to meet its 85% group load factor target for fiscal year 18.
"Our daily use of planes is already 13 hours a day. We wish to further improve the turnaround time and overall performance of each subsidiary. We are focusing on the transformation of Indonesia and the Philippines, after the closure of Boracay and natural disasters, in the fourth quarter and in 2019, "said AirAsia.
He also updated that he is now entering the "next phase of development", where he extends beyond air transport and is digitizing his operations and processes to become more efficient. "In addition, we are starting a technological adventure in partnership with Google Cloud," he added.
AirAsia shares slipped by one sign, or 0.33%, to close at 2.98 RM today, giving it a market capitalization of 9.96 billion.
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