Air Asia hit by fuel costs
Malaysian budget airline Air Asia has reported a 56% fall in fourth-quarter profit, blaming higher fuel costs.
Net profit for the last three months of 2011 fell to 135.7m ringgit (US$44.8m) from 311.1m ringgit in the same period a year earlier.
However, revenue for the quarter rose 9.3% to 1.27bn ringgit, thanks to more passengers and higher average fares.
For the full year, revenue rose 13% to 4.47bn ringgit, while net profit fell 46.8% to 564.1m ringgit.
Chief executive Tony Fernandes said the company had performed well “in an environment where macroeconomic factors such as fuel prices have impacted us and every other airline”.
by TravelMole Asia
“Our full year results indicated that we were on the right path – that is, we managed matters that were within our control.”
Last month, Air Asia said it was ending its flights to Europe and India because of high fuel prices and weak demand.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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