AirAsia X, whose shareholders include the Virgin Group, was commended for its ground-breaking new business model and excellence in launching its services across the Asia Pacific.

The airline beat British Airways’ subsidiary airline Open Skies, as well as

Korean Air’s Jin Air and Thailand’s K-Rabi to the award, receiving the most nominations among the entries.

In total, the AirAsia Group was shortlisted in four categories, including Best Low Cost Airline, Best Low Cost Airline: Asia Pacific and CEO of the Year.

Since its inaugural flight to Australia’s Gold Coast in November last year, AirAsia X has announced daily flights to Hangzhou in China, and Melbourne and Perth in Australia, with plans to launch services to London as early as next year.

"It is a great honour to receive this award and be in the same peer group as other winners such as Southwest Airlines, EasyJet and Virgin Blue," AirAsia X CEO Azran Osman-Rani said.

"The recognition of our pioneering model proves that Malaysian companies can succeed in the global marketplace. We’re proud to keep the Jalur Gemilang flying high," he said.

"Despite tough market conditions in 2008, AirAsia X has provided its guests with the lowest fares to long-haul destinations many have never had the opportunity to travel to before, alongside an enhanced travel experience including comfortable leather seats and a newly launched ‘Five-Star’ menu. The result has been tremendous and we have recorded load factors of over 300,000 passengers since the airline’s inception."

Also present was AirAsia Group CEO and AirAsia X founder Datuk Seri Tony Fernandes.

The Budgie World Low Cost Airline Awards recognise leaders, innovators and pioneers in the global low-cost aviation industry.

This year’s awards were judged by renowned industry consultants including European Low Fare Airline Association secretary-general John Hanlon, JLS Consulting CEO John Strickland, IdeaWorks CEO Jay Sorensen and Centre for Asia Pacific Aviation executive director Peter Harbison.