The Philippine unit of Southeast Asia’s biggest budget airline plans to conduct an initial public offering in the second semester of 2018 after posting a profit last year.
Philippines AirAsia reported a net profit of P621.2 million in 2017 from a loss of P3.05 billion in 2016.
“We are extremely proud with the turnaround by our Philippines operations, which has proven that perseverance and our business model truly works,” PAA said.
“We are looking forward for an exciting year leading to an IPO for our Philippines operations by second half of 2018,” it added.
The airline earlier said it planned to raise over $250 million, with the proceeds to be allocated for the acquisition of new aircraft, building, a hangar and new headquarters in Clark.
Philippines Air Asia operates a fleet of 17 aircraft with domestic and international flights out of hubs in Manila, Cebu and Kalibo.
AirAsia plans to add international flights from Clark International Airport to Korea, Hong Kong, Macau and Singapore this year.
AirAsia launched commercial flights at Clark in 2012 before transferring its hub to Metro Manila following a strategic partnership with ZestAir in 2013.
Philippines Air Asia resumed flights from Clark with three weekly flights to Kalibo (Boracay) in March.
The airline operates several flights to/from Manila, Davao, Cebu, Kalibo, Caticlan (Boracay), Tacloban, Tagbilaran (Bohol), Puerto Princesa (Palawan), Clark, and Iloilo in the Philippines with international flights to/from Shanghai, Taipei, Incheon (Seoul), Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu, Guangzhou, Vietnam, Indonesia and Singapore.
Malaysia’s Air Asia, through AA International, owns 40 percent of Philippines’ Air Asia Inc., while Filipinos Marriane Hontiveros, Michael Romero, Antonio Cojuangco and Alfredo Yao hold the balance of 60 percent.
