Air Macau, the city’s flagship airline, experienced a nearly one-third year-on-year increase in losses across 2022, reaching over one billion patacas ($124 million), according to recently released data, cited by Lusa.
The company attributed the worsened losses to “the impact of the pandemic resurgence [in China] and rising oil prices,” as stated in Air Macau’s financial results published in the territory’s Official Gazette.
Air Macau’s operational revenue amounted to MOP887 million patacas ($110 million), marking a 26% reduction compared to 2021.
Since the onset of the COVID-19 pandemic, the airline has faced unparalleled losses, primarily due to restrictions imposed on tourists from mainland China, which constitutes Macau’s main market.
In December, Air Macau’s shareholders, under the control of China’s state airline Air China, decided to decrease the company’s share capital by MOP1.4 billion ($173.5 million) “to offset the incurred losses.”
The accompanying report from Air Macau’s Fiscal Council highlighted that the airline “continues to encounter numerous challenges, including debt obligations and the escalating fuel prices.” PC
