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Asia-Pacific airlines booked collective profit in post-pandemic 2023
June 19th 2024
In full-year 2023, air carriers in the region ended three consecutive years of losses and returned to the black as a result of healthy leisure and business travel bookings and the easing of COVID travel restrictions, the Association of Asia-Pacific Airlines (AAPA) reports. Read More » The airline lobby group said 27 airlines in the Asia-Pacific posted a combined US$8.8 billion net profit last year compared with a net loss of US$9.7 billion in the previous 12 months. Operating revenue rose 57.8%, to US$198.1 billion, the AAPA said. Welcoming the turnaround, AAPA director general, Subhas Menon, said the region’s carriers had delivered a significant operating profit margin of 7.8% compared with the -9.3% posted in 2022. “The outlook for Asian airlines is generally positive as demand for air travel globally continues to be strong, complemented by resurgent growth in international air cargo markets. But the region’s carriers continue to face challenges, including delayed deployment of additional capacity due to supply chain constraints and persistent cost pressures,” he said.
