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Asian airlines post 47 percent fall in 2011 profit

Asian airlines post 47 percent fall in 2011 profit

An industry group says Asia Pacific airlines had combined earnings of $4.8 billion in 2011, down 47 percent due to higher oil prices and lower cargo revenue.
The Kuala Lumpur-based Association of Asia Pacific Airlines says Wednesday that total revenue for its 17 member rose 10 percent from the previous year to hit $162 million. But it says this represented only a three percent profit margin and a poor return on invested capital.
The association says cargo revenue fell 1.4 percent to $22 billion last year. It says expenses rose as fuel costs surged 28 percent to $52 billion
It warned that persistently high oil prices and slower economic growth in major developed markets would continue to cloud prospects.