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Singapore Air is using its cash reserves to compete with Asian low-cost carriers

06/05/2013| 10:52:26 AM| 中文

Singapore Airlines orders more planes as Malaysia-based AirAsia Bhd. and Indonesia’s PT Lion Mentari Airlines wean away budget travelers as Asia’s economic growth spurs travel.

Singapore Airlines Ltd. Chief Executive officer Goh Choon Phong watched budget airlines in neighboring Indonesia and Malaysia order some 800 aircraft in the 2 1/2 years he has been at the helm.

With the third-highest cash reserves among airlines globally, Goh responded last week with a record $17 billion purchase. Singapore Air, including its affiliates, now has $46 billion of aircraft orders with Airbus SAS and Boeing Co.

The airline needs more planes as Malaysia-based AirAsia Bhd. and Indonesia’s PT Lion Mentari Airlines wean away budget travelers as Asia’s economic growth spurs travel. With competition to lure bankers in the city-state increasing from Middle East carriers, Goh has revamped his first-and business- class offerings, undeterred by a 31 percent drop in stock price during his tenure and Wall Street’s downsizing.

Read full story at: http://skift.com/2013/06/03/singapore-air-is-using-its-cash-reserves-to-compete-with-asian-low-cost-carriers/

TAGS: Singapore Airlines | LCC | AirAsia
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