AirAsia turns around; earns P1.87 billion in 2019

MANILA, Philippines — Budget airline AirAsia Philippines turned its operations around last year as it earned P1.87 billion, recovering from the P3.51-billion losses it incurred in 2018.

“We are pleased to share that AirAsia Philippines turned profitable in the fourth quarter and fiscal year of 2019,” Berhad Go Lingam, acting chief executive and president of AirAsia Group, said.

AirAsia Philippines, controlled by the family of business tycoon and party-list Rep. Mikee Romero, generated 31 percent more revenues to P27.35 billion as it carried a total of 8.55 million domestic and international passengers in 2019, 25 percent higher than that of 2018.

Load factor also increased by three percentage points to 88 percent.

The airline plans to raise $200 million from an initial public offering this year to further expand its fleet. It hopes to double the number of its planes to 50 in the next two years. 

AirAsia operates several flights to and from Manila, Davao, Cebu, Kalibo (Aklan), Caticlan (Boracay), Tacloban, Tagbilaran (Bohol), Puerto Princesa (Palawan), Clark and Iloilo. 

It also operates international flights to and from Shanghai, Taipei, Incheon (Seoul), Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu, Guangzhou, Vietnam, Shenzhen, Kaohshing, Bali (Indonesia), Singapore and Japan.