AirAsia group net profit tumbles 62% in Q2

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Malaysia's AirAsia group recorded a 62% decline in its profit after tax to ringgit (M$) 58.3 million ($17.6 million) for the second quarter of 2013, compared with M$153 million in the same period last year.

For the three months to 30 June, the low-cost carrier reported revenue of M$1.25 billion, up 5.47% from M$1.18 billion in the same quarter a year earlier.

During the April-June quarter, the airline's pre-tax profit fell to M$113 million, while operating profit surged to M$244 million. Its aircraft fuel expenses stood at M$499 million.

Cash and cash equivalents amounted to M$1.64 billion at the end of the financial period.

Indonesia AirAsia's revenue grew 42% year on year to rupiah (Rp) 1.4 trillion ($125 million) in the second quarter of 2013. Operating profit was Rp87.7 billion. Net profit for the quarter increased to Rp51.7 billion, compared with a net profit of Rp30 billion for the corresponding quarter a year earlier.

Philippines AirAsia recorded a net loss of M$24 million during the second quarter against a net loss of M$24.8 million in the second quarter of 2012.

Japan AirAsia's net loss widened to M$53.6 million in the second quarter from a net loss of M$22.8 million for the same period last year.

Barring any unforeseen circumstances, the company remains positive for the prospects of the group for the third quarter of 2013 and the remainder of the year. No profit forecast was issued.