Asia Aviation one-off gain on Thai budget carrier AirAsia bolsters profit

THAILAND's Asia Aviation second-quarter net profit increased to THB14.82 billion (US$470 million) drawn on revenues of THB3.57 billion, an 86.4 per cent increase.

The profit surge, dampened by high operating costs, with a 99.4 per cent increase to THB3.42 billion, was attributed to a one-off accounting gain in a revaluation of its 55 per cent stake in budget carrier Thai AirAsia.

In the first half of 2012, the company's net profit grew to THB15.16 billion compared to THB609.5 million in the same period of 2011. Revenue rose 51.5 per cent to THB6.05 billion while costs of sales increased 64.8 per cent to THB5.47 billion due to a 13.8 per cent drop in gross profit at THB580.8 million.

AirAsia X, the long-haul arm of the budget carrier, is expecting delivery of 17 aircraft from Airbus, which will be added to its nine A330-300s and two A340-300s in late September.