However, revenue for the same quarter rose 9.3% to RM1.27 biliion, a result of more passengers and higher average fares.

For the year (2011) the airline posted a record revenue of RM4.47 billion, up 13% from RM3.95 billion in 2010. Operating profit was reported at RM1.20 billion, up 12% from RM1.07 billion in the previous year. Core net income for the same period was RM880.78 million, up 18% from a core net income of RM749.32 million in the previous year.

AirAsia Group CEO Tan Sri Dr Tony Fernandes (pictured left) said the loss in net profit was also due to unrealised foreign exchange losses on translation and a deferred taxation in 2011.

He noted that overall the company had performed and that the full year results indicated that the group was on the right path, which is managing matters that were within its control.

“We are proud to achieve an increase of 12% in operating profit and increase of 18% in core net income for FYE 31 December 2011. This is remarkable in an environment where macroeconomic factors such as fuel prices have impacted us and every other airline.”

Outlook for AirAsia was positive, said Fernandes as the company prepared for the listing of AirAsia Thailand and AirAsia Indonesia this year.

AirAsia Philippines and AirAsia Japan have obtained their respective Air Operating Certificates. Fernandes said the two airlines would commence their inaugural flights in first half and second half of this year respectively.

AirAsia will also take delivery of 20 new A320 Classic in 2012, of which 17 aircraft comes from its firm orders with Airbus, helping to maintain its status as the leading low-cost carriers in the region.