Wednesday, August 26, 2020

AirAsia looks past Q2 losses

Petaling Jaya:  AirAsia Group Bhd, which was badly hit by the coronavirus (Covid-19) pandemic, says it has sufficient cash flow to maintain operations for the rest of the year and 2021 in tandem with rising domestic demand.

The low-cost carrier, which restarted its domestic flights in late April, said the number of passengers picked up in June, including the tripling of the number of passengers carried by AirAsia Malaysia, the doubling of the number of passengers carried by AirAsia Thailand, and an increase of 10% in load factor.

While AirAsia India achieved six times the number of passengers carried, reflecting the strong rebound demand for air travel, it believes the group has set the right foundation for the second quarter of 2020, as the airline heads into the second half of the year with continued understanding of its customers and support from lessors, hedge counterparties and business partners.

“Furthermore, we are working with our creditors on repayment plans, ” said AirAsia Group CEO Tan Sri Tony Fernandes in a statement.

For the second quarter, AirAsia reported almost a billion ringgit in losses, reflecting the collapse in airline passengers as the Covid-19 pandemic wiped out demand amid widespread travel restrictions.
26/08/20 Intan Farhana Zainul/The Star
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