Thai AirAsia net profit down 10.4% in 2012

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Thai AirAsia posted a net profit of Bt1.81 billion ($60.6 million) in 2012, down by 10.4% from 2011.

Revenue for the year to 31 December increased by 19.8% to Bt19.4 billion, with passenger revenue increasing by 19.4% and ancillary revenue up 11.9%, its parent Asia Aviation said in a filing to the Thai stock exchange.

Operating costs increased by 21.1% to Bt16.7 billion. Fuel costs increased by 22.7% as average market jet fuel prices increased from $124 per barrel in 2011 to $127 per barrel in 2012. Aircraft rental costs increased by 14.4% while repair and maintenance costs grew by 34.3%.

Profit before finance costs and income tax fell by 2.4% to Bt2.15 billion.

Asia Aviation's net profit surged to Bt16.1 billion in 2012 compared with a net profit of Bt1.01 billion in 2011. Revenue nearly doubled to Bt16.1 billion, while operating costs doubled to Bt14 billion.

Asia Aviation's profit before finance costs and income tax surged to Bt16.4 billion, from a profit of Bt1.11 billion in 2011.