AirAsia's pandemic recovery to take two more years, says Fernandes

Budget carrier's 1Q sales drop 87%, net loss improves slightly from year before

AirAsia CEO Tony Fernandes sees financial recovery from the coronavirus pandemic in two years. © Reuters

P PREM KUMAR, Nikkei staff writer

May 27, 2021 21:55 JST

KUALA LUMPUR -- AirAsia Group CEO Tony Fernandes said Thursday that a financial recovery is two years away as rising COVID-19 cases in major operating countries force prolonged border closures and travel restrictions.

Fernandes, the budget carrier's co-founder, spoke as the airline reported a revenue decline of 87% in the first quarter ended March 31 to 298.22 million ringgit ($72 million) from 2.31 billion ringgit posted in the same period last year.