AirAsia reports drop in profit

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AirAsia on Wednesday reported a sharp fall in fourth quarter net profit, as the flamboyant boss of Asia's largest budget carrier by capacity called for "creative" ways to slash costs amid stiff competition.

Net profit for the three months ended December fell 19 per cent from a year earlier to 245 million ringgit ($74.6 million), in large part due to Malaysian currency fluctuations, while revenue remained flat at 1.35 billion ringgit.

For the full year, profit fell 55 per cent to 364 million ringgit compared to a year earlier.

AirAsia boss Tony Fernandes said the carrier would continue to focus on slashing costs by selling older aircraft and reducing staff, among other measures.