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Air Asia PH defers initial public offering to mid-2019

The Philippine unit of Southeast Asia’s biggest budget airline has deferred its planned initial public offering to the middle of 2019 from the second semester this year. 

“We’re still working on it but I think it might get delayed to next year. There are too many problems at the moment especially the fuel prices, the foreign exchange rate, plus the Boracay closure so probably we have to move it next year,” Air Asia Philippines chief executive Dexter Comendador told reporters Friday. 

The airline earlier said it planned to raise over $250 million, with the proceeds to be allocated for the acquisition of new aircraft, building, a hangar and new headquarters in Clark.

Air Aisa tapped BDO Capital and Investment Corp. as underwriter. 

AirAsia earlier reported a net loss of P391.98 million in the January-to-March period from P29.37 million year-on-year. 

The budget airline’s revenues reached P5.27 billion, up 46 percent from P3.62 billion a year ago. 

The company’s operating expenses rose 7 percent to P426.63 million from P399.68 million last year. 

AirAsia carried 1.61 million passengers in the first quarter of the year, up 39 percent from 1.15 million passengers in the same period last year.

The airline recorded a load factor of 87 percent during the period, down 5 percentage points from 92 percent last year. 

AirAsia operates several flights to/from Manila, Davao, , Kalibo, Caticlan (Boracay), Tacloban, Tagbilaran (Bohol), Puerto Princesa (Palawan), Clark, and Iloilo in the Philippines with international flights to/from Shanghai, Taipei, Incheon (Seoul), Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu, Guangzhou, Vietnam, Indonesia and Singapore.

The airline also operates several international flights in Cebu, namely Kuala Lumpur, Singapore, Taipei, Incheon, Shenzhen and Hangzhou. 

Philippines Air Asia operates a fleet of 17 aircraft with domestic and international flights out of hubs in Manila, Cebu and Kalibo. 

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.

Topics: Air Asia Philippines , initial public offering , IPO
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