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AirAsia Reports Lower Pre-Tax Profit In 2013
Revenue, however, was higher at RM5.189 billion, during the period under review, from RM4.946 billion recorded previously, AirAsia said in a filing to Bursa Malaysia.
For the fourth quarter ended December 31, 2013, pre-tax profit slipped to RM173.522 million from RM312.954 million chalked up in 2012.
Meanwhile, a statement from AirAsia said the company posted quarterly revenue of RM1.35 billion, unchanged from the revenue reported in the same quarter last year.
The catalyst for growth was attributed to the increase in the number of passengers carried which grew 14 per cent, year-on-year (y-o-y), to 5.91 million overtaking the y-o-y capacity growth of 10 per cent.
Load factor was at an all-time high of 85 per cent, y-o-y, due to the company's very aggressive load active strategy.
In the same statement, AirAsia Bhd Chief Executive Officer Aireen Omar said the company saw a 10 per cent reduction, y-o-y, in Cost per Available Seat Kilometre (CASK) from 14.11 sen to 12.77 sen.
"We continue to ensure that our cash position remains strong. At the end of the reporting period, the company had RM1.39 billion in deposits, bank and cash balances and we continue to manage our net gearing level which stood at 1.75 times as at 31 December 2013," she said.
Meanwhile, commenting on the company outlook, AirAsia Group Chief Executive Officer, Tan Sri Tony Fernades said:"We are assuming fares will remain at the current level this year, hence we will continue to focus on driving cost down by approximately 7.5 per cent.
"The company will now focus on capacity management by keeping a young fleet and selling its older aircraft," he said.
news coverage in our Newswire service.
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