AirAsia’s benefits declines
Southeast Asia’s largest budget carrier AirAsia on Wednesday reported a fall in net profit by almost half in 2011 on year as it struggled with high fuel prices, but posted a record revenue.
The Malaysia-based airline posted a revenue of 4.47 billion ringgit ($1.48 billion) for the year, up by 13 per cent from 2010, reports the himalayantimes.
In a filing to Malaysia’s stock exchange, it said net profit for the financial year, which ended on December 31, was 564.1 million ringgit, compared to 1.06 billion ringgit in 2010. AirAsia chief executive Tony Fernandes said the results were positive given the challenging global environment.
He said the loss in net profit was largely due to unrealised foreign exchange losses on translation and a deferred taxation.
