Thai AirAsia reaps profit
Published: 1/03/2011 at 12:00 AM
Thai AirAsia (TAA) ended 2010 with a record net profit of 2.85 billion baht, driven largely by a strong fourth-quarter performance and an overall improvement in the business environment.
The low-cost carrier's (LCC) earnings represented turnaround from 2009, when it recorded a loss of 817 million baht, according to AirAsia Bhd figures.
TAA's revenue last year grew 33% to 12.4 billion baht with passenger volume soaring 14% year-on-year to 5.7 million as load factor rose two percentage points to 78%.
A strong fourth quarter buoyed TAA's 2010 results with revenue up 29% to 3.74 billion, after-tax profit up by 364% to 1.64 billion and passenger volume up 13% to achieve a 81% load factor.
AirAsia group CEO Tony Fernandes hailed the result, along with AirAsia and Indonesia AirAsia, as a phenomenal achievement.
Last year AirAsia made a net profit of 1.06 billion ringgit (up 111%) while Indonesia AirAsia recorded after-tax earnings of 474 billion rupiah (up 214%).
This year, TAA will consolidate its domestic and international networks with a foray into India and expansion into China. It also plans to develop Chiang Mai as its third hub in the hopes of further increasing its domestic market share in the LCC sector, which was at 43% last year.
TAA hopes to boost ancillary income from in-flight food and beverage sales beyond 2010's record of 369 baht a passenger.
Credit: Bangkok Post (www.bangkokpost.com)
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