Air Macau losses soar to post-pandemic highs in 2025

[Photo; Renato Marques]

Macau flag carrier Air Macau recorded net losses of RMB655 million (MOP764.8 million) in 2025, according to the annual report of the company’s major shareholder, Air China.

The result accounts not only for the sixth consecutive year in the red but also for the company’s higher annual loss post-pandemic.

When compared year over year with the previous year, the 2025 figure represents a 10.1% increase in losses, which grew significantly from the RMB595 million recorded in 2024.

The same report noted that despite worsening losses, the airliner increased its operating revenue by 2.6% in 2025 to RMB3.19 billion (MOP3.72 billion).

This improvement was largely due to an increase in the number of passengers transported throughout the year, which reached approximately 3.18 million, up 2.1% from 2024.

As the Times previously reported, the last year the airliner reported net profits was 2019, when the results totaled slightly over MOP50.4 million. Even so, at the time, the company was already recording a significant decline, having posted a 29.3% drop year-over-year when compared to 2018.

The same Air China report also notes a decline in Air Macau’s Revenue Passenger Kilometers (RPK) and Available Seat Kilometers (ASK), by 1.3% and 3.2%, respectively.

RPK is a key airline industry metric measuring passenger traffic, calculated by multiplying the number of paying passengers by the distance flown. In contrast, ASK measures passenger-carrying capacity, representing the total number of seats available for sale multiplied by the distance flown.

On the other hand, the company’s assets increased year-over-year, with total assets valued at approximately RMB6.19 billion (MOP7.22 billion) at the end of 2025, up 11.3%.

In an attempt to tackle such financial woes, the company presented a series of new and resumed routes, namely targeting the Southeast Asian market.

Earlier this month, Air Macau confirmed an expanded schedule that would take effect from late this month, with key additions including flights to Shanghai, Chengdu, Taiyuan, Taipei, Kaohsiung, Taichung, Bangkok, Hanoi, and Kuala Lumpur.

Seasonal flights to Fukuoka are also scheduled for July and August, while Harbin, the capital of Heilongjiang province, is expected to join the network in the near term.

Starting July 1, the airline will also resume services to Manila (Philippines) after nearly two years of suspension.

Further expansions include destinations in Northeast China, such as Shenyang and Dalian, as well as Urumqi, Xi’an, and Lanzhou in the northwest.

Despite the difficulties, Air Macau’s losses follow on those of Air China itself, which have been soaring for the past six years.

According to the report, Air China posted a net loss of approximately RMB1.78 billion (MOP2.07 billion) last year, a major widening of the losses recorded on the previous year (RMB232.6 million).

Intense domestic competition from high-speed rail and suppressed airfares have justified these major losses.

Last year, Air China carried a total of 161 million passengers, 3.4% more than in 2024.