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AirAsia made all the right moves last year, says Fernandes

AirAsia Group chief executive officer Tan Sri Tony Fernandes

AirAsia Group chief executive officer Tan Sri Tony Fernandes

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Feb 28 2019 : AirAsia Bhd made all the right moves in 2018, said group chief executive officer Tan Sri Tony Fernandes.

“Made all the right moves in 2018, cutting costs adding capacity, taking market share. Setting up one new airasia business like Red Logistics which is going to be huge,” he wrote in his twitter account on Tuesday.

AirAsia operates the group’s logistics business, via RedCargo Logistics Sdn Bhd.

“The stars appear to be lining up. ASEAN airlines will all make money this year. India and Japan reduce losses. Cash strong. Oil is 54 per cent hedged and stable. Currencies stronger,” he tweeted.

However, Fernandes said the group was affected by the closure of Boracay Airport in the Philippines and numerous national disasters in Indonesia which led to losses.

In a filing with Bursa Malaysia yesterday, AirAsia’s net profit for the financial year ended Dec 31, 2018 increased to RM1.98 billion compared with RM1.63 billion recorded in 2017.

Revenue rose to RM10.60 billion from RM9.71 billion previously.

The better revenue was driven by the higher number of passengers carried which grew 14 per cent compared with a year ago.

As for the fourth quarter ended Dec 31, 2018, the group recorded a net loss of RM394.97 million against a net profit of RM372.65 million recorded in the same quarter the year before, while revenue rose to RM2.82 billion from RM2.66 billion. – Bernama

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