The Philippine unit of Southeast Asia’s largest budget carrier said it reduced its net loss last year, on higher passenger revenues.
Philippines Air Asia said it recorded a net loss of P3.05 billion in 2016, down 1.3 percent from a P3.09-billion net loss in 2015.
The airline said revenue rose 21 percent last year to P10.81 billion from P8.93 billion in 2015.
PAA recorded revenue of P3.11 billion in the fourth quarter, or 36 percent higher than P2.28 billion achieved in the fourth quarter of 2015.
“The positive growth in revenue can be attributed to higher passenger volume which increased by 11 percent year-on-year and the increase in average fare by 16 percent year-on-year,” PAA said.
Passengers carried by PAA reached 3.99 million last year, lower than P3.59 million in 2015.
Its load factor improved to 87 percent last year from 81 percent in 2015.
“The forecast load factor for the first quarter of 2017 is at 92 percent,” PAA said.
“PAA remains on track with its turnaround plan to rationalize its fleet composition to further reduce its cost structure in the remaining quarters of 2017,” the airline said.
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.