Budget carrier AirASia has been named “Value Airline of the Year” at the 38th Air Transport World (ATW) Annual Airline Industry Achievement Awards.

ATW attributed the choice of AirAsia as category winner to the low-cost carrier’s trailblazing efforts in the low-cost aviation industry.

AirAsia said the highly prestigious award was presented to AirAsia Group chief executive officer Tan Sri Tony Fernandes at a gala dinner and presentation ceremony in Singapore attended by the top management of the world’s airlines.

The ATW Airline Industry Achievement Awards is the longest running and most respected airline industry awards event.