Philippines AirAsia revenue and passenger numbers up on greater aircraft utilisation in 1Q2016

Philippines AirAsia attributed (26-May-2016) a 23% year-on-year increase in revenue and 15% increase in passenger numbers in 1Q2016 to an increase in aircraft utilisation from 9.3 to 12 block hours per day. CASK decreased 7% due to a 22% drop in aircraft operating lease expenses and a 25% decrease in fuel expenses. AirAsia Group CEO Tony Fernandes said the airline achieved a "breakthrough" in its turnaround plan and is expected to record improved performance in 2Q2016, with a 5% to 7% increase in revenue supported by growth in average fares and load factor. The carrier plans to retire two "inefficient" aircraft in 2Q2016 and increase frequency on high yield routes. Mr Fernandes said, "we forecast our Philippines operations to book a profit going forward." [more - original PR]