Asia Pacific Airlines Earn $7.3B Profit Despite Rising Costs

Asia Pacific airlines posted a combined net profit of $7.3 billion in 2024, according to new data from the Association of Asia Pacific Airlines (AAPA), released on July 9, 2025. The gains came despite rising operating costs and supply chain disruptions.

The region’s carriers benefited from a strong rebound in both passenger and cargo traffic. Passenger demand surged by 19.9% year-on-year in revenue passenger kilometers (RPK), while air cargo demand grew 13.9% in freight tonne kilometers (FTK), driven by booming e-commerce and shipping disruptions.

Total operating revenue for Asia Pacific airlines rose 7.7% to $213.9 billion, up from $198.6 billion in 2023. Passenger revenue accounted for $170.4 billion, up 8.8%, while cargo revenue grew 10.3% to $23.2 billion. Despite a 9.2% drop in passenger yields and a 3.2% decline in cargo yields, robust traffic volumes helped offset revenue losses.

Operating expenses increased by 8.4% to $199.8 billion, led by a 10.1% rise in non-fuel costs to $138.9 billion. Fuel expenses climbed 4.8% to $60.8 billion, although lower average jet fuel prices—down 13.4% to $98.1 per barrel—helped moderate the rise.

AAPA Director General Subhas Menon praised the region’s resilience, citing a 6.6% operating margin in 2024, just below the previous year’s 7.2%. He noted that airlines are investing in digital innovation, modern fleets, and service upgrades to remain competitive as economic growth continues across Asia.

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