Air Macau faced a steep escalation of financial losses in 2024, with net losses surging to 595 million renminbi (US$82 million), according to figures in the annual report of Air China, the airline’s majority shareholder. The sum, which was cited in the Portuguese-language Jornal Tribuna de Macau, represents a 240 percent increase compared to the previous year, marking the fifth consecutive year of financial losses for the Macao-based carrier.
While operational revenues saw a healthy 16 percent growth to 3.11 billion renminbi (US$428 million), the airline’s financial woes persisted. Between 2020 and 2024, Air Macau accumulated the equivalent of US$462 million in net losses, Journal Tribuna de Macau says – a stark contrast to the roughly US$212 million in profits generated in the preceding decade.
At the same time, Air Macau experienced growth in passenger numbers and operational activity. The airline transported 3.21 million passengers in 2024, a 56.41 percent annual increase, reaching 87.7 percent of the record 3.66 million passengers transported in 2019.
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The flight occupancy rate also improved to 74.59 percent, up 2.93 percentage points from 2023. Revenue Passenger Kilometers (RPK) rose by 59.5 percent, while Available Seat Kilometers (ASK) grew by 53.23 percent, indicating stronger demand than supply.
Air Macau’s fleet expanded to 23 aircraft, all Airbus models, with an average age of 8.54 years. Total assets were valued at nearly 5.56 billion renminbi (US$766 million) at the end of 2024.
In response to the airline’s financial difficulties, the Macao SAR Government last year announced a planned injection of 344 million patacas (about US$43 million) into Air Macau for 2025. This decision comes amid concerns about the airline’s “capital immobility” and pressure to repay loans, as highlighted in a statement from the Legislative Assembly’s Second Standing Committee. This will be the fourth time Air Macau has received financial support from its major shareholders since 2009.
