Philippine AirAsia, the local unit of Southeast Asia’s biggest budget airline, said it has no immediate plans to conduct an initial public offering.
Philippine AirAsia executive officer Ricardo Isla said in an interview at the sidelines of Economic Journalists Association of the Philippines-San Miguel Corp. aviation forum that while an IPO was in the company’s roadmap, it would not happen in the next three to four years.
Isla said the company is focused on expanding routes by opening new destinations and tightening its fleet because of weakness in China market.
“We want to grow in more destinations next year,” Isla said.
Isla said the company is also building its financial track record as the aviation industry is still recovering from the impact of the pandemic.
He said the company was aiming to register profit in the fourth quarter of the year in time for the holiday season.
AirAsia Philippines flies to 12 domestic destinations and 13 international destinations as of April 2024.
It operates daily flights from Manila to Bacolod, Cebu, Cagayan, Davao, Iloilo, Kalibo, Caticlan (Boracay), Puerto Princesa, Tacloban, Tagbilaran and Zamboanga. Other inter island destinations flying out of AirAsia’s Cebu hub include Cagayan, Davao, Caticlan, Puerto Princesa and Clark.
Its active international destinations include Kuala Lumpur, Kota Kinabalu, Bangkok, Singapore, Taipei, Osaka, Incheon, Hong Kong, Tokyo and Bali
The budget carrier said it was looking to close 2024 with more than 8 million passengers, up 34.2 percent from 5.96 million domestic and international passengers last year.
CAPITAL A Berhad, the parent firm of Philippines AirAsia Philippines, previous reported plans to list its domestic subsidiary to support expansion.
