Air Asia (2630) Q1 2024 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$1,260,477 thousand, up 13.5% year-over-year from NT$1,109,980 thousand.

• Net profit for Q1 2024 was NT$38,536 thousand, a significant increase from NT$2,594 thousand in Q1 2023.

• Gross profit margin improved to 9% in Q1 2024 from 6% in Q1 2023.

• Total comprehensive income for Q1 2024 reached NT$49,289 thousand, compared to NT$3,816 thousand in Q1 2023.

Financial highlights

• Operating profit for Q1 2024 was NT$52,652 thousand, up from NT$10,201 thousand in Q1 2023.

• Basic and diluted EPS for Q1 2024 were both NT$0.18, compared to NT$0.02 in Q1 2023.

• Cash and cash equivalents at March 31, 2024 were NT$220,069 thousand, down from NT$264,790 thousand a year earlier.

• Total assets as of March 31, 2024 were NT$6,218,143 thousand, with total equity at NT$3,370,271 thousand.

• Net cash used in operating activities for Q1 2024 was NT$681,288 thousand, compared to NT$278,871 thousand in Q1 2023.

Outlook and guidance

• The group is evaluating the impact of IFRS 18, effective January 1, 2027, on its financial position and performance.

• No seasonality or cyclicality factors affected operations in the reporting period.