AirAsia India losses narrow as airline is set to 'witness a new phase of growth'

AirAsia India revenue up 179% - financial highlights for three months ended 31-Mar-2016:

• Revenue: INR1962 million (USD29.1 million), +179% year-on-year;
• Costs:
• • Fuel: INR725.1 million (USD10.7 million), +110%;
• Operating profit (loss): (INR123.3 million) (USD1.8 million), compared to a loss of INR348.8 million (USD5.6 million) in p-c-p;
• Net profit (loss): (INR78.6 million) (USD1.2 million), compared to a loss of INR313.5 million (USD5.0 million) in p-c-p;
• Passenger numbers: 538,800, +127%;
• Passenger load factor: 86%, +7 ppts;
• Average fare: INR3155 (USD46.8), +11.9%;
• Revenue per ASK: INR253.46 (USD 3.8 cents), -2.6%;
• Cost per ASK: INR269.38 (USD 4.0 cents), -30.8%;
• Cost per ASK excl fuel: INR175.70 (USD 2.6 cents), -32.8%;
• Average stage length: 1245 km, +38%;
• Total assets: INR1407 million (USD20.9 million);
• Cash and short-term deposits: INR597.4 million (USD8.9 million);
• Total liabilities: INR2470 million (USD36.6 million). [more - original PR]

*Based on the average conversion rate at INR1 = USD0.014825 for three months ended 31-Mar-2016
*Based on the average conversion rate at INR1 = USD0.016065 for three months ended 31-Mar-2015

AirAsia Group: "AAI on the other hand will witness a new phase of growth as it enters its peak season, coupled with fleet expansion, this will enable the associate to launch new routes and increase frequencies on existing routes in the coming quarters. The associate will work towards keeping its cost under check, with increased focus on ancillary revenue," Tony Fernandes, CEO. Source: Company statement, 26-May-2016.