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NEWS UPDATES 1 March 2010

Osk Research cautious over Airasia's balance sheet profile

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OSK Research continues to be cautious on AirAsia's balance sheet profile, especially with more new aircraft set to enter the low-cost airline's books in the next few years, reported the Bernama news agency.

"The huge amounts owed by its Thailand and Indonesia operations together with its significant unrecognised share of operating loss also worry us, especially the impact of introducing FRS 139 effective Jan 1, 2010," it said in a research note today.

Under the new FRS 139 financial reporting standard, many financial assets and financial liabilities are required to be carried at fair value.

AirAsia recently annnounced a net profit of 76.7 million ringgit for its fourth quarter ended Dec 31, 2009, as against a net loss of 201.7 million ringgit in the same period a year earlier.

"Although the sharp rise in the fourth quarter may not be a good reflection of potential performance in financial year 2010, we believe the aviation industry is out of the woods given the early signs of stabilising in the global economy," OSK Research said.

"As airlines are flying on better loads, we think that yield is set to improve further," it said.


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