The Board of Directors has declared a special dividend of 40 sen per share on 3,341,974,082 for the financial year ended 31 December 2018 amounting to RM1,336,789,632. The dividend will be payable on 28 December 2018. The book closure date for the said dividend is 14 December 2018.
Operating Profit for 3Q18 reduced to RM253 million, from RM494 million in 3Q17. This was mainly due to the increase in Fuel Expenses. Excluding Fuel Expenses, costs were fairly well controlled, showing a reduction of 2% of CASK Ex Fuel. Net Profit for the quarter improved to RM804 million, from RM434 million in 3Q17, due mainly to a one off gain on the sale of Expedia (see Note 17) as well as the reversal of deferred tax libilities arising from the disposals of aircraft.
Commentary on prospects The fourth quarter of 2018, the operating environment is seen to have improved as compared to the third quarter, coupled by the year-end holiday season being around the corner, the group load factor is holding strong. The overall average fares have also gone up year-on-year. All airline operators’ profitability have been affected by the higher global fuel prices this year. AirAsia will remain cost discipline in all areas, increasing overall efficiency and remain nimble in order to maintain healthy profit margins. For the full year, we are on track to achieve a group load factor target of 85%. We will continue to emphasise our One AirAsia initiatives to further reduce costs, while improving the overall operational efficiencies and actively monitor each route’s profitability. Our daily aircraft utilisation is already at 13-hours a day. We want to further improve the turnaround time and overall performance by each affiliate. We are focused in turning around Indonesia and Philippines, post Boracay closure and natural disasters, in the fourth quarter and into year 2019.
The Group is now in our next phase of development where we are expanding beyond air transport and digitalising our operations and processes to become more efficient. Further, we are now embarking on a journey to become a technology travel company in partnership with Google Cloud. The Board is cautious about achieving its results in 2018 as it was impacted by higher fuel prices. However, the drop in fuel price in December is expected to contribute positively to the December month operational results and in the year 2019. Based on these factors, the Board is confident that it will still achieve a Net Profit for the year.
Correction: Guys Status of corporate proposals announced Proposed disposal of aircraft leasing operations that includes the proposed future disposals and proposed option As of 8 November 2018, the Group has completed the transfer of 79 aircraft and 14 aircraft engines receiving total gross proceeds of USD1,085.5 million. The Group expects to complete the transfer of the balance 5 aircraft before the end of the year. tion:
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The Board of Directors has declared a special dividend of 40 sen per share on 3,341,974,082 for
the financial year ended 31 December 2018 amounting to RM1,336,789,632. The dividend will be
payable on 28 December 2018. The book closure date for the said dividend is 14 December 2018.