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AirAsia earns big in Q1

AIRASIA PHILIPPINES has earned some P7 billion in revenues for the first quarter of the year and its major shareholder, F&S Holdings Inc. said additional fleets are underway as the carrier is seriously looking at secondary airports in Cebu and Bacolod.

F&S Holdings’ Michael Romero said 2019 is a good year, adding, good performance and profit would be maintained throughout the year. “The first quarter was very good and profitable for AirAsia Philippines. We had P7 billion revenue for the first quarter alone. Our load capacity is about 91 percent,” Romero told the Philippine News Agency, adding, the carrier targets 8 to 9 million passengers this year, and projects P30 billion revenues for 2019. In 2017, AirAsia Philippines had around 7 million passengers.

“Air travel is a booming industry. We all need new aircraft,” said AirAsia Philippines chairperson, Maan Hontiveros, adding they are looking at other routes and slots at other domestic airport since they could not just rely in Manila. “We are looking at secondary airports such as Cebu, Bacolod. There are many exciting places in the Philippines to go to,” she said.

Hontiveros said AirAsia Philippines is continuously looking at unique routes that it can develop, adding that 80 percent of the AirAsia Group’s routes is unique. F&S Holdings, Inc. acquired an additional 28.8 percent shares of AirAsia, Inc. (AAI). It now has a total of 44.5 percent shares, making it the major shareholders in AAI.

“My family has been in this business since 2010. We just expanded our share,” Romero said. Forty percent of the AAI shares is still held by AirAsia Berhad founders, Tony Fernandes and Kamarudin Menardum. The remaining 15.7 percent shares belongs to Tonyboy Cojuangco’s TNR Holdings. (Maria Cristina Arayata)

 

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