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2017 Q3 Financial Results for Air Asia Group

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AirAsia X slips into red in 3Q on higher opex, bad debt provision

 

KUALA LUMPUR (Nov 23): Having recorded positive bottom line in the last six consecutive quarters, AirAsia X Bhd (AAX) slipped into the red again in the third quarter ended Sept 30, 2017 (3QFY17) due to higher operating expenses.

It posted a net loss of RM43.3 million in 3QFY17 compared with a net profit of RM11.03 million a year ago. Operating expenses jumped 25.1% to RM1.17 billion in 3QFY17 from RM934.13 million.
The long-haul low-cost affiliate of AirAsia Bhd recorded a loss per share of one sen for the quarter under review, versus earnings per share of 0.3 sen in 3QFY16.
Quarterly revenue grew 14.5% to RM1.12 billion in 3QFY17 from RM982.4 million in 3QFY16.
AAX chief executive officer (CEO) for Malaysia Benyamin Ismail said the airline did well operationally in 3QFY17, but blamed higher operating expenses on a one-off provision of doubtful debt of RM50.2 million, which fell under the "other operating expenses" category.
"It is a necessary action that has to be taken as we move on from past management's business decisions. With the observed booking trends, we are in line with expectations for a recovery in the 4QFY17," he said in a statement today,

 

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AirAsia group earnings up 42.9% to RM505.32m

 

KUALA LUMPUR: Low-cost carrier AirAsia group reported a 42.9% increase in earnings to RM505.32mil in the third quarter ended Sept 30, 2017 due to share of results from associates and lower deferred tax expenses.
It said on Wednesday the earnings had increased from the RM353.89mil a year ago. Its revenue increased by 45.1% to RM2.44bil from RM1.68bil. Earnings per share were 15.10 sen compared with 12.70 sen.
However, for the nine months, its earnings fell 19.4% to RM1.26bil from RM1.57bil in the previous corresponding period. Its revenue rose by 41% to RM7.05bil from RM5bil.
AirAsia said the group revenue and expenses increased significantly from the quarter ended 30 September 2016 (3Q16) due to the consolidation of Indonesia AirAsia (IAA) and Philippines AirAsia (PAA) during the previous quarter.
To provide a better overview of its financial performance, it included the proforma consolidated income statement and key operating statistics which included IAA and PAA.
Bursa Malaysia filing:

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AirAsia expects another record year after 3Q gains

 

KUALA LUMPUR (Nov 29): AirAsia Bhd, the largest low-cost carrier in Asia, reported a 30% year-on-year (y-o-y) rise in net profit in the third quarter of 2017, despite it being traditionally a weak quarter, amid rising fuel prices and currency fluctuations.
Net profit rose to RM434.31 million in the three months ended Sept 30, 2017 (3QFY17) from RM335.13 million a year ago, helped by lower deferred tax and strong demand for air travel. Earnings per share also grew to 15.1 sen from 12.7 sen a year ago.
Quarterly revenue also increased 15% to RM2.45 billion in 3QFY17 from RM2.13 billion in 3QFY16, supported by a load factor of 87%.
However, operating profit for 3QFY17 was lower by 7% y-o-y at RM494.34 million, mainly due to higher aircraft fuel expenses, maintenance and overhaul expenses.
It is worth noting that the airline had consolidated its financial accounts for 3QFY17, combining its Malaysia, Indonesia and Philippine units.
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