Philippine unit of AirAsia Bhd, Southeast Asia’s largest budget carrier, yesterday said it reduced its net loss by 84 percent in the third quarter this year due to higher passenger traffic.
In a statement, AirAsia Philippines said its net loss amounted to P235 million down from P1.5 billion in the same period last year.
Revenues increased by 40 percent to P6.2 billion in third quarter from P4.4 billion in the same period last year.
“Though ASK (available seat kilometer) growth was high at 27 percent, revenue did not falter, reporting a 40 percent growth YoY (year-on-year), on the back of an 11-percent increase in RASK (revenue per available seat kilometer). AirAsia Philippines clearly benefited from the aggressive capacity expansion and aided by the reopening of Boracay Island,” AirAsia said in a statement.
The airline carried 2.1 million passengers in July to September this year, higher by 33 percent from 1.6 million passengers in the same period last year, while load factor increased by 9 percentage points to 86 percent from 77 percent.
RASK was up 11 percent to P2.18 billion.
AirAsia is projecting to end the year with P29 billion revenues and P2 billion net income driven by increasing passenger volume, according to Sheila Romero, AirAsia vice chairman.
The company targets to double its current fleet of aircraft to 50 in the next five years through acquisition of additional Airbus A320 and Airbus 330.
The airline, which started its Philippine operations in 2012, has a fleet of 23 Airbus aircraft catering to Philippine and foreign routes.
