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http://www.forbes.com/feeds/ap/2009/08/12/ap6770811.html



Associated Press
AirAsia's profit surges 1,378 percent in Q2
Associated Press, 08.12.09, 11:04 AM EDT
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KUALA LUMPUR, Malaysia -- Budget carrier AirAsia said Wednesday its net profit surged 1,378 percent in the second quarter from a year ago, as passengers sought cheaper flights amid the global economic downturn.

AirAsia recorded a net profit of 139.2 million ringgit ($39.3 million) for the quarter through June, up from 9.4 million ringgit in the same three months of 2008, the airline said in a statement.
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Revenue increased 8 percent to 657 million ringgit ($185.6 million), buoyed by robust passenger growth and increased contribution from ancillary income, it said. The higher profits were thanks partly to ancillary income from new products and services, which jumped by 89 percent to 95 million ringgit ($27 million) in the latest quarter, according to AirAsia chief executive Tony Fernandes.

"Our results stand in stark contrast to those of most legacy carriers in these troubled economic times," Fernandes said in a statement.

"While major legacy carriers are cutting flights, grounding planes, retrenching staff and reporting massive losses, AirAsia is, on the contrary, seeing rising demand, adding more routes, increasing frequency and securing higher profits," Fernandes said.

He said the airline carried 3.5 million passengers during the period, up 24 percent from a year ago, after it lowered fares and boosted its marketing strategies to weather challenges such as travel jitters over swine flu.
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AirAsia expects to achieve strong passenger growth in the third quarter, although demand might be affected by the Islamic fasting month, Fernandes said.

Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed