AirAsia Philippines operationally in the red in 2016, liabilities far exceed assets

AirAsia Philippines revenue up 36% - financial highlights:

• Three months ended 31-Dec-2016:
• • Revenue: PHP3107 million (USD63.1 million), +35.9% year-on-year;
  • Costs:
  • • Fuel: PHP932.4 million (USD19.0 million), +2.8%;
    • Maintenance and overhaul: PHP639.2 million USD13.0 million), +202%;
  • Operating profit (loss): (PHP576.1 million) (USD11.7 million), compared to a loss of PHP110.6 million (USD2.4 million) in p-c-p;
  • Net profit (loss): (PHP1407 million) (USD28.6 million), compared to a loss of PHP118.8 million (USD2.5 million) in p-c-p;
  • Passengers: 1.0 million, +19%;
  • Passenger load factor: 85%, +4 ppts;
  • Revenue per ASK: PHP2.11 (USD 4.3 cents), +5%;
  • Cost per ASK: PHP2.54 (US D5.2 cents), +18%;
  • Cost per ASK excl fuel: PHP1.90 (USD 3.9 cents), +40%;
  • Average stage length: 1216 km, +15%;
• 12 months ended 31-Dec-2016:
• • Revenue: PHP10,815 million USD227.4 million), +21.1%;
  • Costs:
  • • Fuel: PHP3510 million (USD73.8 million), -15.1%;
  • Operating profit (loss): (PHP1835 million) (USD38.6 million), compared to a loss of PHP2076 million (USD45.6 million) in p-c-p;
  • Net profit (loss): (PHP3057 million) (USD64.3 million), compared to a loss of PHP3091 million (USD67.8 million) in p-c-p;
  • Passengers: 4.0 million, +11%;
  • Passenger load factor: 87%, +6 ppts;
  • Revenue per ASK: PHP2.12 (USD 4.5 cents), +6%;
  • Cost per ASK: PHP2.53 (USD 5.3 cents), -1%;
  • Cost per ASK excl fuel: PHP1.84 (USD 3.9 cents), +13%;
  • Average stage length: 1109km, +10%;
  • Total assets: PHP2787 million USD58.6 million);
  • Cash and short-term deposits: PHP333.7 million (USD7.0 million);
  • Total liabilities: PHP23,320 million (USD490.4 million). [more - original PR]

*Based on the average conversion rate at PHP1 = USD0.020325 for 4Q2016
*Based on the average conversion rate at PHP1 = USD0.021029 for 2016
*Based on the average conversion rate at PHP1 = USD0.021298 for 4Q2015
*Based on the average conversion rate at PHP1 = USD0.021939 for 2015

AirAsia: "In Philippines, the forecast load factor for the first quarter of 2017 is at 92%. PAA remains on track with its turnaround plan to rationalise its fleet composition to further reduce its cost structure in the remaining quarters of 2017." Source: Company statement, 23-Feb-2017.