SAR flag carrier records MOP150 million profit in 2019

Air Macau, the city’s flag carrier has made a profit of 150 million patacas that has been fully carried forward to this year, as publicized yesterday in its financial report for the year 2019.
In 2019, the airline operated on 28 routes and generated MOP439 million in revenue, a 6% rise from 2018.
Pursuant to the law, the company was not required to allocate last year’s profit to its legal reserve as its overall legal reserve had already exceeded 25% of its registered capital of MOP442 million.
Additionally, the face value of the MOP200 million worth of redeemable preference shares, previously issued by the company to the Macau government, has been recorded as special reserve, which can be voided when the capital shrinks. The shares were redeemed between 2013 and 2016.
Air Macau acquired seven aircrafts last year, of which three were purchased and four leased. Its fleet has 23 aircrafts with an average age of 6.5 years as of end-2019. Thirty-seven pilots have so far graduated from the company’s cadet program and started serving in Air Macau.
Earlier this year, the government announced that Air Macau’s concession would be extended for three years from November 2020. This indicates that any airlines interested in operating a Macau route will have to obtain Air Macau’s consent in addition to the government’s approval.
Another public transport company, Companhia de Serviços de Rádio Táxi Macau, S.A., which operates a radio taxi service, has announced that it has recorded a revenue loss of about MOP8.5 million over last year.
Last year, the public transport operator recorded a revenue of MOP 90.9 million from its daily operations and other income. In the same year, however, the costs, including the purchase of vehicles and equipment, office utilities, gas, salary, and maintenance, were just half a million below MOP100 million.
The company has pledged in its financial report that it will try its best to recover from the loss. AL