Air Asia Inc., the operator of Philippines Air Asia, has turned profitable last year on the back of higher domestic and international passenger traffic.
“We are pleased to share that AirAsia Philippines turned profitable in the fourth quarter and fiscal year 2019,” acting chief executive and president (Airlines) of Airasia Group Berhad Bo Lingam said.
AAI posted a net profit of P1.87 billion in 2019, a turnaround from the P3.51-billion loss in 2018.
The company’s revenues rose 31 percent to P27.35 billion last year from P20.96 billion in 2018.
The airline carried 8.55 domestic and international passengers last year, up 25 percent from 6.86 million passengers a year earlier.
Load factor grew 3 percentage points to 88 percent from 85 percent.
The company plans to raise $200 million this year or in early 2021. AAI tapped Citibank and BDO Capital and Investment Corp. as financial advisors.
The company plans to expand its fleet from 23 to 50 aircraft with the next three years. 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.