AirAsia's Malaysian unit returns to profit

New Delhi: Malaysia-based AirAsia reported a fourth-quarter net profit of 554 million ringgit (USD 132 million) with its Malaysian unit and lower fuel costs.

"The carrier looked at 2016 in a positive light, with the expected arrival of more Chinese tourists after Kuala Lumpur relaxed visa requirements," said AirAsia`s Tony Fernandes.

He also said that Malaysia was benefiting from the weaker (ringgit) currency environment, with foreign tourists viewing the Southeast Asian country as a value for money holiday destination.The revenue jumped 47 percent, from 1.48 billion ringgit to 2.17 billion ringgit, thanks to a 10 percent year-on-year growth in the number of passengers carried at 6.47 million.

In an exchange filling, AirAsia posted net losses of 406 million ringgit in the third quarter ended September 30 2015.The Malaysian unit recorded a breaking quarter, with a 229 percent surge in year-on-year (YOY) net profit to 554.20 million ringgit.

AirAsia had earlier announced that the number of passengers it carried increased 12 percent year-on-year (YOY) with a six percent increase in capacity.

At the end of 2015, AirAsia`s total fleet size stood at 170 aircraft, flying to around 100 destinations across more than 15 countries.