MUMBAI: Malaysian carrier AirAsia’s chief Tony Fernandes on Saturday said that he expects its Indian subsidiary to post profit in the first year of operations.
“Superb co-operation between partners. I’m confident we will make profit in first year. And change aviation.” Fernandes posted from a verified account on social networking site Twitter.
AirAsia India, which will likely start flying from January, is expected to bring in attractive fares in a market where ticket prices are currently at record highs, which would help the carrier eke in profits.
Most carriers in India are posting losses due to high input costs and a slowdown in air travel. Last week IndiGo bucked the trend by clocking a net profit of Rs 787 crore for the financial year ended March 31.
Fernandes’ tweet comes ahead of AirAsia India’s maiden board meeting that will be held in Mumbai later on Saturday. Board members from AirAsia’s Indian partner Tata Group and Telestra Tradeplace’s Arun Bhatia will also be present in the meeting.
The airline on Thursday got a no objective certificate from the ministry of civil aviation. It will now undergone the last stage of scrutiny by the country’s aviation regulator before getting an air operators permit.
AirAsia India’s chief executive Mittu Chandilya Thursday said he expects the final approval in a few weeks and aims to start operations in or before January.
In Saturday’s board meeting, Fernandes and board members from the Tata Group may have to field queries from Bhatia who is not happy with the salt-to-software conglomerate’s decision to form a second joint ventute with Singapore Airlines for a new airline.
Bhatia said he found the Tata’s move unethical and that he wasn’t informed about it.
On Twitter, Fernandes said that he has no issue with Singapore Airlines and the Tatas.
He cited the example of the Tata Group’s two hotel brands–the Taj Mahal Hotels and Resorts premium hotels and the Ginger brand of budget hotels– adding these are two completely separate businesses.
AirAsia Chief expects India subsidiary to post profit in first year of operations
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