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

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.

AirAsia also recorded a net loss of 767.42 million ringgit, slightly better than the 803.85 million ringgit in red ink registered in the first quarter of 2020.

The group had racked up its worst ever annual earnings for the full year 2020 as a result of domestic and international border closures to contain the spread of the coronavirus pandemic, which has ravaged global travel and airline industries.

In a statement, Fernandes said the…