AirAsia Group profits double

   
     

AirAsia Berhad has reported a spike in earnings last year, achieving a 111 percent growth in profits before tax from RM5 million to RM1.07 billion.

The Group’s overall performance was pushed by subsidiary Malaysia AirAsia (MAA) witnessing an 835 percent soar in profit after tax of RM317 million as well as an 82 percent increase in load factor.

Thai AirAsia also saw a rise in profits after tax of 364 percent while Indonesia AirAsia was up by 214 percent compared to 2009.

The Company’s chief executive Tony Fernandes described results as a “phenomenal achievement”.

“Not only did we achieve record profits, but also breached the billion-ringgit mark in net profit (RM 1.07 billion),” Mr Fernandes said.

“The Company is in the best position, financially, that it has ever been in – providing a strong foundation for further expansion and growth in 2011.”

Mr Fernandes added that despite a great year, the Company now faces the challenge of keep profits up and building on its performance for this year.

“With our plans to further expand our route network and key routes supported with the delivery of 8 brand new Airbus A320 and the opening of three hubs in Kuching, Chiang Mai and Medan, we can position ourselves to emphasize on increasing load factor and yields,” he said.

The airline Group is also preparing to launch its new subsidiary in the Philippines later this year, AirAsia Philippines.

Mr Fernandes said the airline has a lot of potential to succeed in the region “especially given AirAsia’s connectivity in ASEAN and our low fares”.
Source = e-Travel Blackboard: N.J
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