Adobe Air "no installed runtime detected"

I get this same set of entries on the log file if I run the installer file as Administrator or as a common user.

[2012-04-21:15:58:13] Runtime Installer begin with version 3.2.0.2070 on Windows 7 x86

[2012-04-21:15:58:13] Commandline is:

[2012-04-21:15:58:13] No installed runtime detected

Any ideas?