Budget carrier, AirAsia Bhd, saw continued downtrend in its share trading today, after its net profit for the fourth quarter ended Dec 31, 2011, fell more than 50 per cent to RM135.6 million from RM311.0 million a year ago.

Its revenue stood at RM1.272 billion from RM1.164 billion while its pre-tax
profit slid to RM337.859 million from RM388.120 billion. The frills-free airline said its earnings dwindled due to costlier fuel and higher deferred taxation.

For the 2011 full year performance, AirAsia's net profit dipped to RM564.1
million from 2010 despite a 13 per cent revenue rise to RM4.47 billion from
RM3.94 billion. Its pre-tax profit fell to RM794.26 million from RM1.098 billion a year ago.

At 10am today, its share price stood at RM3.55, down by three sen, after
opening two sen lower at RM3.56.

OSK Research, however, said AirAsia's catalyst for this year was to
crystalise valuations from the upcoming initial public offering of its
Indonesian and Thailand associates and the promising joint venture it has in
Japan and the Philippines.

"We maintain our "buy" call on AirAsia, with earnings unchanged and the
fair value retained at RM4.57," it added in a research note. -- Bernama