The Philippines unit of Southeast Asia’s largest budget airline said losses declined 78 percent in the third quarter from a year ago because of higher passenger revenues.
“AirAsia Philippines delivered strong operational performance by narrowing losses in a seasonally weak quarter,” Air Asia Group Berhard president Bo Lingam said.
“AirAsia Philippines clearly benefited from the aggressive capacity expansion and aided by the re-opening of Boracay Island,” he said.
Air Asia Inc.’s net losses amounted to P367 million in the th™ird quarter, down from P1.68-billion losses in the same period last year.
Revenues increased 40 percent in the third quarter to P6.22 billion from P4.44 billion last year. The airline carried 2.10 million passengers during the period, up 33 percent from last year’s 1.57 million passengers. Load factor also improved to 86 percent from last year’s 77 percent.