Jetstar Asia under pressure
Reports today suggest Jetstar Asia will be scaling back it’s operations , cutting its fleet from 8 to 6 in the near future.
Singapore’s Straits Times newspaper reported that Jetstar Asia’s holding company, Orangestar Investment Holdings, sent a note to its shareholders proposing the capital-raising. The airline’s other key shareholder includes the Singapore Government’s investment arm, Temasek Holdings.
The note cited the airline’s inability to gain landing rights into key markets and the “aggressive competitive landscape with new entrants and capacity growth”.
Unlike its Australian namesake, Jetstar Asia has been bleeding cash since its launch in December 2004. Even its merger with rival budget carrier Valuair last year has failed to steady its losses.
The airline reported a $27.4 million loss in the six months to December 31.
A Qantas spokesperson declined to comment on the report. “This is commercial in confidence. Jetstar Asia is a small part of Qantas’s business. It is a long-term investment and we remain committed to its future success,” the spokesperson said.
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