Southeast Asia's largest budget carrier AirAsia yesterday 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 13 percent from 2010.

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 unrealized foreign exchange losses on translation and a deferred taxation. He noted average fuel prices increased 36 percent over the year, accounting for half of the airline's total cost.

Net profit for the fourth quarter slumped 56.4 percent to 135.7 million ringgit year-on-year.

AFP