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AirAsia Q4 profit soars 168%
Publication Date : 27-02-2013
AirAsia Bhd made a net profit of 350.6 million ringgit (US$113 million) per share for its fourth quarter ended December 31, 168 per cent higher than the net profit of 130.7 million ringgit per share for the same quarter last year, driven by higher passenger seat sales.
Its revenue for the period stood at a record 1.41 billion ringgit against 1.28 billion ringgit a year ago.
It also rewarded shareholders with a dividend payout in the form of a special dividend of 18 sen per share and an ordinary final dividend of six sen per share.
The company has formalised the dividend policy to pay 20 per cent of its annual net operating profit as part of its plans to provide more certainty to shareholders every year on the expected payout ratio, Malaysia AirAsia chief executive officer (CEO) Aireen Omar said in a statement.
For the full year ended Dec 31, 2012, the low-cost carrier chalked up a net profit of 1.88 billion ringgit compared to a net profit of 555.3 million ringgit earlier, while revenue was at 5 bilion ringgit compared to 4.5 billion ringgit the year earlier.
“Barring any unforeseen circumstances, the directors remain positive for the prospects of the group for the first quarter and the remainder of 2013,” it said in the notes accompanying its financial results announcement to Bursa Malaysia.
In the statement, AirAsia said growth in the quarter was attributed to the increase in the number of passengers carried, which grew 7 per cent to 5.21 million, and the increase in capacity, as the number of aircraft operating in Malaysia increased to 64. Despite the 7 per cent increase in capacity, demand in terms of seat load factor remained solid at 82 per cent for the fourth quarter.
Its cash position remained strong with 2.23 billion ringgit in cash and bank balances, with its net gearing level currently at 1.07 times as at December 2012. Measured by cost per available seat per kilometre (CASK), CASK was reported at 13.28 sen, a reduction of 1 per cent year-on-year, with CASK ex-fuel standing at 5.80 sen in the fourth quarter.