AirAsia profit up in Q1

Malaysia-based AirAsia, the region's biggest low-cost carrier by fleet size, said its first-quarter net profit climbed seven percent year-on-year due mainly to lower fuel and operating costs.

Net profit for the quarter ending March 31 was 149.3 million ($40.8 million) the company said in a statement late Thursday, while revenue dipped 0.4 percent to 1.30 billion ringgit.

"As seen in the first quarter of 2015, we are beneficiary of the low fuel price," Tony Fernandes, group CEO said in a statement.

AirAsia recorded a net profit of 139.7 million ringgit in the same period last year while it posted its first net loss (since 2008) of 429.4 million ringgit in the previous fourth quarter.