AirAsia shares down after profit drop, fleet expansion plans

KUALA LUMPUR (Reuters) - Shares in Malaysia's low-cost airline AirAsia Bhd (AAB) were down 1 percent in early trade on Wednesday, a day after announcing a steep drop in second-quarter profit, mainly due to a one-off tax charge.

It also said it was expanding its fleet by more than 20 percent in the second half and announced plans to consolidate its various regional affiliates under one holding company.

(Reporting by Liz Lee; Editing by Edwina Gibbs)