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”.
“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.
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