Macau’s flag carrier, Air Macau, reported a substantial net loss of 677 million patacas (US$83.8 million) for the 2024 financial year, an increase of 187 percent from the 236 million pataca (US$29.2 million) loss recorded in 2023.
This figure, extracted from the company’s annual report and published in the Macao government’s Boletim Oficial (official gazette), aligns closely with the 595 million renminbi (approximately 670.7 million patacas or US$83.1 million) loss previously indicated by its majority shareholder, Air China.
Wu Lixin, representing Air Macau’s board of directors, attributed the challenging 2024 results to the “impact of multiple factors in the post-pandemic period, such as intensified market competition.”
This marks the airline’s fifth consecutive year of losses, accumulating over 3.7 billion patacas (US$458 million) in net losses between 2020 and 2024, more than double the profits garnered in the preceding decade.
In response to the airline’s persistent financial difficulties, the Macao government approved a 340 million pataca (US$42.1 million) increase in Air Macau’s share capital for 2025. This constitutes the fourth financial injection from major shareholders since 2009.
[See more: Air Macau has launched a new wide-body aircraft service]
Despite the escalating losses, Air Macau experienced a 13.6 percent rise in operating revenues, reaching 3.53 billion patacas (US$437.4 million) in 2024.
This improvement was largely propelled by a 56.6 percent increase in passenger numbers, totalling 3.21 million, which represents approximately 88 percent of the 3.66 million passengers recorded in the pre-pandemic year of 2019. Furthermore, the flight occupancy rate improved by 2.93 percentage points to 74.59 percent over the year.
The report also highlighted Air Macau’s “excellent safety record,” with 65,147 hours of “safe flights” in 2024, an annual increase of 25.17 percent. In 2024, the carrier introduced two new routes to Kuala Lumpur and Taichung, operating a total of 24,170 flights, a 49.1 percent increase from 2023.
Additionally, the airline continues to invest in its Local Cadet Pilot Training Program, which has enrolled approximately 50 trainees across eight groups since its inception in 2016. This initiative is aimed at building a solid and stable team of qualified professionals for Macao’s civil aviation industry.”
As of the end of last year, Air Macau’s fleet comprised 23 Airbus aircraft, three more than in 2023, with an average age of 8.54 years.
This article was drafted by AI before being reviewed by an editor.
