Air Asia PH unit posts P621-M operating profit

Budget airline Philippines Air Asia posted a full-year profit for the first time in 2017 as passenger volume increased by a third on added aircraft capacity.

Malaysia’s Air Asia Berhad, which operates Philippines Air Asia, announced on Wednesday that its Philippine unit posted a net operating profit of P621.2 million last year.

The carrier, which controls about 10 percent of the Philippine domestic market, said gains came despite “numerous one-off costs for aircraft redeliveries, maintenance and overhaul throughout 2017.”

“We are looking forward to an exciting year leading into an IPO (initial public offering) for our Philippines’ operations by the second half of 2018,” Air Asia Bhd said, referring to a share sale initially estimated at more than $200 million. —MIGUEL R. CAMUS