AirAsia Group, comprising AirAsia Aviation (AAV) and AirAsia Group Berhad, held a joint press conference on 18 September to quash rumours that AirAsia Malaysia is facing liquidity problems. Bo Lingam, group chief executive of AirAsia Group, said the fundraising plan is aimed at debt restructuring, refinancing and balance-sheet management to improve the long-term capital structure, rather than simply plugging operating deficits. Tharapong Baleweld, a director of AAV, said third-quarter results reflected a low-season correction and surging oil costs. The company cut more than 20% of flights, focusing on preserving liquidity and revenue quality, with forward bookings at about 86%. It expects the high season to run from the fourth quarter through the first quarter of 2027, and will return its full fleet of 63 aircraft to service in November, with no plan for a permanent fleet reduction. Thai AirAsia X, or XJ, has about seven aircraft after trimming its fleet and cancelling South Korea routes because load factors were only just above 60%, shifting focus to Japan, Kazakhstan and Delhi. Management said it is on track with its rehabilitation plan, has no accumulated losses and does not need to raise additional capital. Overall, the full year remains under pressure from losses in the second and third quarters, with first-half accumulated losses of 1.485 billion baht, meaning the year may show a much narrower loss rather than a full return to profit. A clear distinction must be drawn between AirAsia Group and AAV, as they sit at different levels of business and debt structure. In particular, AirAsia Group's 18.4 billion ringgit debt in Malaysia should not be lumped in directly as AAV's debt.
Asia Aviation Public Company Limited
