Wednesday, 26 February 2014

AirAsia FY13 earnings fall 53.9% to RM364.07m on forex loss, operating profit flat

KUALA LUMPUR: AirAsia Bhd's earnings fell 53.9% to RM364.07mil in the financial year ended Dec 31, 2013 from RM789.61mil a year ago due to higher finance costs and foreign exchange losses on borrowings.

The low-cost carrier said on Wednesday its revenue rose 4.9% to RM5.189bil from RM4.946bil. Operating profit was flat at RM1.021bil compared with RM1.027bil.

However, in FY13, its impacted by higher finance costs of RM432.37mil compared with RM378.81mil, forex loss on borrowings of RM385.33mil, which was a contrast against the forex gain of RM145.42mil in FY12.

There was a gain on disposal of Japan AirAsia of RM78.26mil in FY13 while in the previous year, there was again on disposal of Thai AirAsia of RM118.64mil.

AirAsia said in the fourth quarter ended Dec 31, 2013, its earnings fell 19.1% to RM245.35mil (due to forex loss on borrowings of RM39.04mil) from RM303.41mil in Q4, 2012 (where there was a forex gain of RM58.41mil).

Its revenue was flat RM1.354bil compared with RM1.358bil a year ago.

"The catalyst for growth was attributed to the increase in the number of passengers carried which grew 14% on-year to 5.91 million which overtook capacity growth of 10% on-yea. Load factor was at an all-time record high of 85% on-year due to the company's very aggressive load active strategy," it said.

Operating profit was slightly lower at RM315mil compared with RM320.48mil a year ago.

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