Business Standard

Malaysian budget airline AirAsia's second-quarter profit more than doubles


(Reuters) - Malaysia's flagship budget airline AirAsia Group Bhd posted a 147 percent jump in quarterly profit on Thursday, helped by a reversal of deferred tax on the sale of aircraft.
Net profit for the three months ended June 30 was 361.8 million ringgit ($88.07 million), versus 146.5 million ringgit a year ago.
Revenue rose 10.3 percent to 2.62 billion ringgit. AirAsia's load factor, or the percentage of seats filled, fell by 3 percentage points to 86 percent on average at its operations in Malaysia, Indonesia and the Philippines that are consolidated for accounting purposes.
Capacity at those airlines expanded by 12 percent, outpacing growth in passenger volumes.
AirAsia's quarterly profit lagged an estimate of 476.5 million ringgit from one analyst polled by Thomson Reuters.
($1 = 4.1080 ringgit)
(Reporting by Liz Lee in Kuala Lumpur; Additional reporting by Chris Thomas in Bengaluru; Editing by Kirsten Donovan)

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First Published: Aug 30 2018 | 4:14 PM IST

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