AirAsia earnings surge 168pc to RM350.65m

Its net operating profit, however, contracted nine per cent, mainly due to the absence of gains from the disposal of aircraft of about RM100 million.

KUALA LUMPUR: AirAsia Bhd posted a 168 per cent growth in net profit to RM350.65 million in the fourth quarter ended December 31 2012.

Its net operating profit, however, contracted nine per cent, mainly due to the absence of gains from the disposal of aircraft of about RM100 million.

Group revenue for the quarter rose 10 per cent to RM1.41 billion from RM1.28 billion previously.

For the full-year, AirAsia's net profit soared 238 per cent to RM1.88 billion on the back of an 11 per cent increase in revenue to RM5 billion.

"It has been another good quarter and overall a great year for AirAsia as we continue to defy the industry in terms of operational and financial performance," Malaysia AirAsia chief executive officer Aireen Omar said in a statement yesterday.

"Revenue increased by 10 per cent in the fourth quarter with an increase in ancillary income of five per cent to RM42 per passenger.

"Our cash position remains strong with RM2.23 billion in cash and bank balances and we continue to manage our net gearing level, which currently stood at 1.07 times as at December 2012," she added.

For 2013, Aireen reiterated that one of the main focuses would be on keeping cost as low as possible as that is what sets AirAsia apart from the other players.

"AirAsia will continue to be the lowest-cost carrier by constantly introducing various cost initiatives and, ultimately, become the lowest fare airline in the region," she added.