Asia’s budget airlines are struggling for profitability as cost pressures and increased competition weigh on what had been one of the region’s fastest-growing sectors.
Singapore-based carrier Jetstar Asia’s decision to shut down in June highlighted the industry’s fragility, while some of its biggest players have reported heavy losses in recent months.
Siddharth Narkhede, head of airline analysis at the Ishka advisory group, said many were showing “long Covid” symptoms. “Asia-Pacific airlines were among the hardest hit by the pandemic. Some of these low-cost carriers are still in a post-pandemic recovery phase?.?.?. so there remain fragilities and vulnerabilities,” he said.
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