AirAsia Group has undertaken the unusual step of selling six newly-delivered aircraft since the beginning of 2025, including two in July. The Malaysian low-cost carrier, which has received a total of 10 Airbus SE A321neos in that period, has transferred several aircraft to lessors and leasing companies, notably BBAM, which has subsequently leased or sold them to Sun PhuQuoc Airways, a Vietnamese startup.
This move is atypical in the aviation industry, where sale-and-leaseback transactions usually involve aircraft that have already been put into service. Aviation analyst Andrew Light noted that such sales are primarily aimed at generating cash, especially during periods of financial strain. The airline's financial conditions have been adversely affected by rising fuel costs, coupled with lower cash reserves—only RM954 million (US$233 million) as of June, among the lowest globally among airlines.
The company's stock has declined by nearly 75% since the outbreak of conflict in the Middle East in February, which has propelled fuel prices higher and resulted in the airline reporting its largest quarterly loss in four years. With only 161 out of 239 Airbus aircraft operational as of June, AirAsia is returning or disposing of aircraft to optimize its fleet. The most recent July delivery of an aircraft remains in possession, scheduled for transfer to Sun PhuQuoc in October.
This strategic asset disposal underscores the airline’s efforts to bolster liquidity and streamline operations in a period of economic uncertainty. Despite the challenges, AirAsia continues to seek solutions to stabilize and strengthen its financial position amidst market disruptions.
