"Warren Buffet said a decade ago he’s sworn off putting money in airline stocks since his $358 million “mistake” in US Airways Group Inc. Investors in Asian carriers would do well to heed his advice. 

Six of the 10 initial public offerings by airlines in Asia during the past five years are trading below their sale prices, according to data compiled by Bloomberg. The 10 airlines have fallen an average 12 percent from their offer levels, as the region’s publicly traded carriers racked up a combined $1.8 billion in losses last year. 

Asia's airlines have failed to capitalize on a surge in passenger numbers as the start of a dozen new carriers in the past decade has pushed the industry toward overcapacity and made it unprofitable. Bangkok Airways Co., which raised $494 million last month in Asia’s latest airline IPO, fell today on its first day of ...