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Bridging The Gap
 AirAsia results up on load factors says Tony Fernandes
 Friday 25 November, 2016
AirAsia results up on load factors says Tony Fernandes

Tony Fernandes, group chief executive of Asia’s biggest low-cost airline, AirAsia, tells the BBC that efficiently packing people onto planes was one of the main reasons for the firm’s positive quarterly results.

Mr Fernandes said the airline had seen an 89% load factor in Malaysia – their highest ever capacity utilisation in a quarter.

He also said lower oil prices had been a major factor in the falling costs for the airline.

Net profit for the three months to the end of September was 353.9m Malaysian ringgit ($79.57m; £63.89m), versus a net loss of 405.7m Malaysian ringgit a year earlier.

As the firm tries to consolidate its operations across Asia, Mr Fernandes said it had plans to launch an initial public offeringfor a holding company that would encompass all its Association of South East Asian Nations (ASEAN) operations.

“We’ve been trying to consolidate our operations and operate more like easyJet or Ryanair in Europe,” he said, “and obviously we have ownership restrictions in each ASEAN country, so we’ve been [trying to see] if we can create an ASEAN holding company where all the economic interests are in that [company].”

Mr Fernandes said in the interim they would consider dual listing the airline in Hong Kong, a move that would be the first step to creating a new holding company.

The firm’s Malaysia-listed shares were up more than 7% in afternoon trade on Friday.

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