AirAsia, Asia’s largest low-cost carrier, has scrapped plans for a Singapore joint venture due to high operating costs and lack of domestic market potential in the island republic.
“We are concentrating on markets which have big domestic markets and big populations and markets that are more liberal and market-orientated,” Tony Fernandes, group chief executive, was quoted as saying in Monday’s Wall Street Journal.
Malaysia-based AirAsia flies throughout Asia and has set up subsidiary budget airline units in Indonesia, the Philippines, Thailand and Japan. Full story
