1. AirAsia India doing well, clarifies Tony Fernandes

AirAsia India doing well, clarifies Tony Fernandes

Air Asia CEO Tony Fernandes took to twitter to tell the world that AirAsia companies are performing well and are registering record sales.

By: | Updated: July 15, 2015 9:49 AM
tony fernandes airasia

Air sia CEO Tony Fernandes’ words hold importance in the wake of recent reports that said that Asia’s largest low cost airline is passing through a tough financial phase. (Reuters)

AirAsia CEO Tony Fernandes took to Twitter on Wednesday to tell the world that AirAsia companies are performing well and are registering record sales. His words hold importance in the wake of recent reports that said that Asia’s largest low cost airline is passing through a tough financial phase.

He also tweeted that all companies in AirAsia have registered record sales in the last few weeks with the performance of AirAsia India coming as a surprise.

Here are his tweets on AirAsia’s performance:

Fernandes has reportedly told his staff and analysts last month that he will spend more time working on the budget airline in comparison with other business and sporting interests after a report questioning the company’s accounts sent its share price tumbling.

A Hong Kong-based research firm had last month said AirAsia uses transactions with loss-making carriers to boost its earnings. Company’s shares have fallen by nearly 40 per cent since then. This also raised worries about his absence.

Fernandes refuted GMT’s report at the Paris Airshow last month, saying AirAsia has a solid balance sheet and business plan.

Last month there were reports that AirAsia India has put its expansion plan on hold as the airline was losing money because of high operating costs and frequent price wars with rivals such as IndiGo Airlines. AirAsia India, part-owned by Malaysia’s AirAsia Bhd, has carved out a 1 per cent share of a market in India.

The airline now has five short to mid-range Airbus Group SE A320 jets but will not lease any more until the government decides whether to retain or reform its so-called 5/20 rule, Mittu Chandilya, chief executive of AirAsia India said in an interview in June.

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