Bangkok--9 Aug--The Way Communication
Asia Aviation Limited (AAV) reports its Second Quarter 2012 earnings with revenues at THB 3,572 million, Net Profit at THB 14,799 million and gain on fair value at THB 14,690 million resulting in its profits for the first half of 2012 totaling THB 15,116 million, EPS rising to THB 3.57 and PBV standing at 0.8 time. Meanwhile, Thai AirAsia’s Load Factor for the first half of 2012 is reported at 83%, strongly confident the airline will continue to expand in ASEAN and maintain its targeted growth rate of 20-25% annually.
Mr Tassapon Bijleveld, Chief Executive Officer of Asia Aviation Public Company Limited, or AAV, major shareholder of leading budget airline Thai AirAsia disclosed the company’s earnings for the second quarter of 2012, revealing that AAV earned revenues of THB 3,572 million, net profit of THB 14,799 million and that revenues for the first half of the 2012 was THB 6,055 million with net profit of THB 15,116 million, mainly attribute to the expansion of its fleet and the addition of new flight routes.
AAV recorded gain on fair value THB 14,690 million in Q2 2012 as a result of change in the accounting treatment from proportionate consolidation to full consolidation in accordance with the accounting standard in realizing fair value of equity interests, increasing its EPS to THB 3.57 per share and its Book Value to 4.19 per share at PBV 0.8 time.
For Q2 2012 operational performance, Thai AirAsia’s Load Factor was at 79%, increasing from 78% in the same quarter last year, with 1.9 million passengers. The airline provided service to 4.1 million passengers during the first half of 2012, a 19% increase year-on-year, with a Load Factor of 83%. Thai AirAsia had 4 more Airbus A320s year-on-year. Having strengthened its financial position through achieved revenue targets and proceeds from AAVs Initial Public Offering, Thai AirAsia is ready to continue to expand its fleet in the future.
Mr Tassapon spoke of Thai AirAsia’s network expansion plan, stating it has progressed as outlined to shareholders and investors. Presently (9 August 2012), Thai AirAsia operates 24 Airbus A320s to 12 domestic destinations and 16 international destinations. The airline recently added new flights between Bangkok and Mandalay and increased frequency between Bangkok and Yangon to 3 daily in response to a projected hike in demand among travelers and entrepreneurs once the ASEAN Economic Community is established in 2 years’ time. The additions adhere to Thai AirAsia’s fleet expansion plan, which aims to bring the airline’s total number of Airbus A320s to 48 over the course of the next 5 years.
“Our company is progressing as planned, expanding existing flight routes and adding new destinations while our capital management has increased in efficiency after listing on the Stock Exchange of Thailand. If we continue to develop as intended, we will likely be able to maintain our annual revenue growth rate of 20-25% as well as maintain Thai AirAsia’s status as the region’s leading budget airline, with the second highest in terms of passengers number at Suvarnabhumi International Airport” Mr Tassapon concluded.