I glanced thru it...

No like.
Borrowings now 9.2 billion.
Purchase order of aircrafts remaining is worth about 66 Billion.
Yes, Ah Tony chai getting lots of credit now but that 66 biillion, who gonna carry the wok if something goes wrong in the future?

Biggest Q... (perhaps need more reading... )
Is why AirAsia current ytd depreciation is only 474 million?
Last fiscal year depreciation is about 567 million?
Why this fiscal year, depreciate so much less?
No new aircrafts in?

If depreciate same amount, AirAsia would have lost money...

Forex losses... 187 million...

The deferred tax is and had been part of AirAsia earnings for the past few years and should last for a while longer. ( Not an expert on this but best you ask someone with more knowledge on this issue)
The currency loss stems from AirAsia's borrowings which is largely denominated in USD.
The worrying issue is AirAsia borrowing is also increasing (due to funding of new planes).
With the ringgit now firmly weakened against the USD, currency losses is NOT going to disappear anytime soon.
When we considered that the past few years, AirAsia earning too had gain couple hundred million in currency gains and the market did NOT discount those gains, then we should NOT discount these losses either now.

Yes, this is simply the cost of doing business and with AirAsia business model needing more planes constantly, playing the borrowings/leverage game is a must. sweat.gif

Yes, I too am impressed with the company 'growth' but I believe there is huge price to be paid for this growth.

The one thing that was a one off in AirAsia's earnings was its disposal in AirAsia Japan.
That disposal of interest boosted earnings by 78 million.
And if this earnings is 'deducted' AirAsia's earnings would be negative for the quarter, ie AirAsia would have incurred losses. sweat.gif

Another worry now is, cash flow has turned back to negative