Malaysia's AirAsia Q1 profit up 85pc

KUALA LUMPUR: AirAsia Group Bhd , the flagship budget airline of Malaysia, reported an 85 percent increase in quarterly profit, lifted by business growth and gains from the disposal of a ground handling services unit.

Its net profit for the three months ended March was 1.14 billion ringgit ($286.50 million), versus 615.8 million ringgit a year ago. Revenue rose 14.8 percent to 2.56 billion ringgit.

The airline said in a bourse statement that a gain of 350.3 million ringgit was recognised through the disposal of interest in Ground Team Red Holdings Sdn Bhd.

"The gain however was partially offset by current and deferred taxation charges of 104 million ringgit ($26.14 million)in the current quarter," the airline said.