AirAsia revenue up 10%, profits down in 1Q2010

AirAsia revenue up 10% - consolidated financial highlights for the three months ended 31-Mar-2010:

• Revenue: USD267.8 million, +10% year-on-year;
  • Thai AirAsia**: USD95.5 million, +30%;
  • Indonesia AirAsia***: USD57.4 million, +37%;
  • Ancillary: USD42.8 million, +54%;
    • Thai AirAsia**: USD12.5 million, +87%;
    • Indonesia AirAsia***: USD9.4 million, +63%;
• Costs:
  • Fuel: USD94.2 million, -58%;
  • Labour: USD23.7 million, -22%;
• EBITDAR: USD98.7 million, -17%;
  • Thai AirAsia**: USD30.2 million, +30%;
  • Indonesia AirAsia***: USD11.7 million, +54%;
• EBITDA (loss): USD92.0 million, -17%;
  • Thai AirAsia**: USD14.8 million, +46%;
  • Indonesia AirAsia***: (USD856,351), compared to a loss of USD3.3 million in p-c-p;
• EBIT (loss): USD56.8 million, -29%;
  • Thai AirAsia**: USD13.9 million, +50%;
  • Indonesia AirAsia***: (USD1.2 million), compared to a loss of USD3.5 million in p-c-p;
• Profit before tax: USD78.1 million, +106%;
• Core operating profit (loss)^: USD34.0 million, -33%;
  • Thai AirAsia**: USD12.3 million, +35%;
  • Indonesia AirAsia***: (USD3.7 million), compared to a loss of USD7.0 million p-c-p;
• Passenger numbers: 3.7 million, +17%;
  • Thai AirAsia: 1.5 million, +25%;
  • Indonesia AirAsia: 893,381, +35%;
• Load factor: 74%, +4 ppts;
  • Thai AirAsia: 81%, +5 ppts;
  • Indonesia AirAsia: 72%, +4 ppts;
• Average fare: USD 52.64 cents, -13%;
  • Thai AirAsia: USD55.32, -2%;
  • Indonesia AirAsia: USD53.95, -1%;
• Revenue per ASK%: USD 4.03 cents, -4%;
  • Thai AirAsia: USD 4.86 cents, +3%;
  • Indonesia AirAsia: USD 3.64 cents, +21%;
• Cost per ASK%: USD 3.52 cents, -17%;
  • Thai AirAsia: USD 4.20 cents, +2%;
  • Indonesia AirAsia: USD 3.76 cents, +16%;
• Cost per ASK excl fuel: USD 1.88 cents, -12%;
  • Thai AirAsia: USD 2.58 cents, -8%;
  • Indonesia AirAsia: USD 2.08 cents, -2%. [more]

*Based on the conversion rate at USD1 = MYR3.27914
**Based on the conversion rate at USD1 = THB32.54
***Based on the conversion rate at USD1 = IDR9,203
^Profit before tax less adjustments
^^Consolidated results are for AirAsia Malaysia operations

AirAsia Group: "Based on the current forward booking trend, the underlying passenger demand in the second quarter for the Group's operations remains positive. Load factors achieved in the month of April were ahead of the prior year in Malaysia, Thailand and Indonesia and forward bookings for future months remain ahead of the same time last year," Company statement. Source: AirAsia Group, 31-May-2010.

AirAsia Group: "We are fine tuning the route network to extract higher yields. We are focused on maintaining our status as the lowest-cost airline operator in the world. We are dedicated to providing high-quality service to our guests. We are determined to stay ahead of the competition through constant innovation and wider use of technology," Tony Fernades, CEO. Source: AirAsia Group, 31-May-2010.