AirAsia sees full recovery in 2 years

AirAsia Group expects a gradual recovery in air travel in Asia, including the Philippines with the planned rollout of COVID-19 vaccines in the coming months.

“We can look forward to a gradual recovery in 2021 in all of our key markets and potentially a full recovery within the next two years,“ AirAsia Group CEO Tony Fernandes said in a statement.

“After a year of uncertainty, it’s great to see that this extremely challenging chapter is finally coming to a close,” he added.

AirAsia’s key international markets are also progressing well with the vaccination program including Indonesia, Singapore, China and Australia, while other regional countries such as Thailand and the Philippines are scheduled to begin their vaccination program by the first quarter.

Fernades is confident that AirAsia will recover faster than other airlines due to its low cost model, position in the market and its aggressive digital transformation to become Asia’s leading travel and lifestyle super app.

“I remain optimistic we will achieve our fundraising target of RM2.5 billion (P29.9 billion). The first tranche of the private placement of up to 20 pecent of the total issued shares of AirAsia Group Berhad’s was completed last week, with 11.07 percent placed out, raising a total of RM250 million (P2.9 billion). This clearly reflects the solid market and investors confidence in the company,” he said.

Fernandes said the group is looking at other capital raising and financial support measures.

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