Reuters —
Australia’s Qantas QAN.AX said on Wednesday it will close Jetstar Asia, the group’s Singapore-based budget airline, as it reels with rising supplier costs, higher airport fees and intensifying competition among low-cost carriers.
The move will free A$500 million ($326.40 million) in capital for the flag carrier to invest in its fleet renewal plans.
Qantas said that 13 Jetstar Asia Airbus A320 aircraft will be progressively redirected to Australia and New Zealand.
Jetstar Asia continues to be negatively affected by rising supplier costs, high fees at airports and rising competition
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