KUALA LUMPUR (Feb 23): Shares of AIRASIA BHD [] slipped in early trade on Thursday after its earnings fell 56.3% to RM135.66 million in the fourth quarter ended Dec 31, 2011 due to high fuel expenses.
At 9.58am, it had fallen eight sen to RM3.57. There were 2.44 million shares done.
The FBM KLCI shed 0.70 of a point to 1,559.82. Turnover was 409.83 million shares valued at RM244.79 million. There were 180 gainers, 295 losers and 269 stocks unchanged.
AirAsia’s 4Q2011 earnings contrasted with the net profit of RM311.08 million a year ago as it was impacted by aircraft fuel expenses, which rose to RM475.07 million from RM292.44 million on-year.
It recorded foreign exchange losses of RM137.38 million compared with forex gain of RM44.29 million a year ago.
For the financial year ended Dec 31, 2011, its net profit fell 46.8% to RM564.14 million from RM1.06 billion in FY10.
RHB Research Institute said AirAsia Bhd’s FY11 core profit before tax exceeded its forecast by 20% but missed the market consensus by 7%.
“Fair value raised by 24% from RM2.99 to RM3.72. Upgrade to Market Perform,” it said.
At 9.58am, it had fallen eight sen to RM3.57. There were 2.44 million shares done.
The FBM KLCI shed 0.70 of a point to 1,559.82. Turnover was 409.83 million shares valued at RM244.79 million. There were 180 gainers, 295 losers and 269 stocks unchanged.
AirAsia’s 4Q2011 earnings contrasted with the net profit of RM311.08 million a year ago as it was impacted by aircraft fuel expenses, which rose to RM475.07 million from RM292.44 million on-year.
It recorded foreign exchange losses of RM137.38 million compared with forex gain of RM44.29 million a year ago.
For the financial year ended Dec 31, 2011, its net profit fell 46.8% to RM564.14 million from RM1.06 billion in FY10.
RHB Research Institute said AirAsia Bhd’s FY11 core profit before tax exceeded its forecast by 20% but missed the market consensus by 7%.
“Fair value raised by 24% from RM2.99 to RM3.72. Upgrade to Market Perform,” it said.
