Thai AirAsia net profit up 318% in 3Q2016
Thai AirAsia revenue up 31% - financial highlights for three months ended 30-Sep-2016:
- Revenue: THB8146 million (USD233.8 million), +12% year-on-year;
- Net profit: THB729 million (USD20.9 million), +318%;
- Passenger numbers: 4.3 million, +21%;
- Load factor: 84%, +3 ppts;
- Revenue per ASK: THB1.53 (USD 4.4 cents), -6%;
- Cost per ASK: THB1.43 (USD 4.1 cents), -8%;
- Cost per ASK excl fuel: THB1.01 (USD 2.9 cents), -3%;
- Average fare: THB1574 (USD45.2), -8%;
- Aircraft utilisation: 11.8 hours per day, +5.4%;
- Total assets: THB54,626 million (USD1568 million);
- Total liabilities: THB23,220 million (USD666.5 million). [more - original PR]
*Based on the average conversion rate at USD1 = THB34.838
Asia Aviation: "The company expects to benefit from the current low global oil prices. Unfortunately, if the resolution on the Organization of the Petroleum Exporting Countries (OPEC) official meeting on November 30, 2016 unchanged from the previous agreement in Algiers on September 28, 2016 to cap its production between 32.5 and 33.0 million barrels per day, the crude oil prices would increase slightly in the fourth quarter of 2016 (Q4/2016). In contrast, if the meeting does not reach an agreement or the US shale-oil producers restart production, these would put a pressure on the global oil prices to remain weak. Thus, the company is monitoring the changes in oil prices and manages the fuel price regularly since jet fuel price is a majority of total operating costs. To mitigate the risks from oil price volatility in the future, the company has a policy to hedge the jet fuel price." Source: Company statement, 10-Nov-2016.