AirAsia co-founder Tony Fernandes said yesterday that the low-cost carrier had ‘strong liquidity’ to weather soaring jet fuel costs, as he sought to ease investor concerns about the airline’s financial health that have sent its shares to near four-year lows.
Speaking at a media briefing, Fernandes said AirAsia was adept at managing cash and expected to raise more than $1 billion, mostly to refinance existing debt, by December or January.
“Covid was far, far worse than what we are dealing with now,” he said from Bangkok. “We couldn’t fly then, but we can fly now and our demand is very strong.”
Fernandes’ briefing came two days after Reuters reported, citing sources, that Malaysia’s government had asked Malaysia Airlines and Batik Air whether they could absorb AirAsia’s domestic market share. The sources said it was part of what they described as scenario planning while authorities monitor the financial health of Southeast Asia’s largest low-cost carrier.
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