AirAsia has highlighted its efforts to raise new funds and cut costs as it seeks to reassure investors following an auditor’s report that questioned the carrier’s financial viability.
Trading of AirAsia Group Berhad stock was temporarily halted on the morning of July 8 after auditor Ernst & Young (EY) questioned the LCC’s ability to shore up its funds to stay afloat.
AirAsia Group has posted a net loss of MYR953.3 million ($223 million) for Q1 of 2020, the largest loss the company has recorded since its listing in 2004.
Southeast Asia’s largest LCC AirAsia Group is reportedly looking to sell 10% of its equity to South Korea’s SK Group to raise funds as the ongoing COVID-19 crisis impacts cashflow.
AirAsia is trialing a personal protective equipment (PPE) uniform for its cabin crew as the LCC group prepares for the resumption of flights in some markets.
Malaysia LCC AirAsia is asking passengers to opt for credited tickets as it struggles with a massive backlog of ticket refunds as well as a disruption in cashflow.
The Malaysian Aviation Commission (MAVCOM) is urging aviation stakeholders to only seek financial help from Malaysia’s government “as a last resort” with fiscal resources stretched amid the COVID-19 crisis.
AirAsia is grounding of most of its fleet due to “extensive and increasing border restrictions.” The Malaysian group originally planned to offer more than 9 million seats across its network during April.
AirAsia Group has confirmed that it is temporarily grounding most of its fleet, and its core Malaysia-based operation is suspending all international and domestic flights.
AirAsia said an independent inquiry into bribery allegations has determined no wrongdoing occurred, and the group’s two leading figures have been restored to their positions.
AirAsia Group subsidiary Thai AirAsia (TAA) has received IATA Operational Safety Audit (IOSA) certification bringing the Malaysian group a step closer to having all its carriers IOSA certified.
This week: Eurowings is adding a new destination in Poland to its network; EGYPTAIR plans to launch scheduled service between Sharm el-Sheikh and London Gatwick; and AirAsia X hopes to stimulate demand between Kuala Lumpur and Ahmedabad.
This week: AirAsia begins routes to Belitung; Volotea to station two A319s in Naples; Loganair to start Cornwall Newquay flights; SAS expands network with 14 new routes and more.
Airlines want airports to understand their business models and demonstrate how to help them control costs, executives from airlines in three different countries have told airport delegates.
During their sponsored lunch at Routes Europe Astana Convention Bureau, hosts of Routes Silk Road 2019, showcased their rapidly growing destination to senior decision makers from the route development community.
