The Philippine unit of Southeast Asia’s largest budget carrier said net profit jumped 777 percent P593 million in the the second quarter of the year from just P68 million year-on-year on higher passenger revenues.
Air Asia Inc. said revenues amounted to P7.51 billion in the period, up 38 percent from last year’s P5.46 billion.
“In terms of profitability, we are excited to see the turnaround of AirAsia Indonesia and the improved performance of AirAsia Philippines,” said Bo Lingam, AirAsia Group head president said.
AirAsia attributed the increase in profit to the 22-percent rise in passenger traffic to 2.2 million. The airline’s load factor stood at 91 precent, up by 4 percentage points from 87 percent last year.
Air Asia Philippines earlier announced plans to expand its fleet from 23 to 50 aircraft within the next three years and increase revenues from P30 billion this year to P50 billion in the same period.
The airline has planned to conduct an initial public offering by November or December this year to raise $200 million to fund expansion.
The airline operates several flights to and from Manila, Davao, Cebu, Kalibo, Caticlan (Boracay), Tacloban, Tagbilaran (Bohol), Puerto Princesa (Palawan), Clark and Iloilo in the Philippines.
It operates international flights to and from Shanghai, Taipei, Incheon (Seoul), Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu, Guangzhou, Vietnam, Shenzhen, Kaohshing, Bali, Shenzhen, Indonesia, Singapore and soon Japan.
F&S Holdings, owned by Rep. Michael Romero and his wife Sheila, earlier acquired 28.8-percent shares in AirAsia Inc., bringing their total equity to 44.4 percent from just 15.7 percent.
The company acquired the 13-percent share and 15.7-percent stake of AAI from Ambassador Alfredo Yao and Maan Hontiveros, respectively.
