Thai AirAsia Q1 2013 net profit up 55%

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Thai AirAsia has posted a net profit of baht (Bt) 739 million ($25 million) in the first quarter of 2013, up by 55% from the corresponding period in 2012.

The airline's revenue for the quarter increased by 24% year on year to Bt6.02 billion and it handled a total of 2.6 million passengers, an increase of 20% year on year.

Thai AirAsia acquired one new Airbus A320 aircraft during the quarter, bringing its fleet to 28. The additional aircraft allowed the carrier to raise the frequency of flights to popular destinations such as Phuket, Chiang Mai and Hat Yai, and strengthen its network in China.

Thai AirAsia is on course to achieve its goals for 2013, most notably the continued expansion of its fleet and capacity increases, says Thai AirAsia's parent company Asia Aviation chief executive Tassapon Bijleveld.

He adds that the airline has decided to increase its aircraft acquisition target for the year from seven to eight to keep up with the rising number of passengers.

Thai AirAsia's target is to have a fleet of 35 new aircraft by the end of this year and service a total of 10 million passengers, up from 8.3 million passengers in 2012 and 6.9 million passengers in 2011, adds Bijleveld.