Budget airlines V Air and Tigerair Taiwan yesterday denied reports that they are planning to fold due to massive financial losses.
The denials came in the wake of a Central News Agency (CNA) report that V Air and Tigerair have each suffered financial losses of more than NT$1 billion (US$31.5 million) since launching their services in September and December 2014 respectively.
As the losses have exceeded half of their capital, the story said that both airlines are discussing what they would do next.
The report added that the Civil Aeronautics Administration (CAA) was to meet with the management of TransAsia Airways — the parent company of V Air — as the situation needed immediate attention.
Tigerair Taiwan’s situation is different as it has more flights and a larger fleet, the CAA said.
V Air denied it has plans to shut down, adding that it has recently published its winter schedule.
However, it said it has reduced its weekly flights from 50 to 47 from Oct. 30 to March 25 next year.
The three flights that were cut from the schedule were those from Taoyuan to Nagoya, which were reduced from seven to four per week, the airline said.
V Air added that it has suspended a plan to double its fleet size from four to eight next year.
The performance of all flights in operation will be closely scrutinized and reviewed after the summer vacation, it added.
The airline has an average occupancy rate of 75 percent, with the average occupancy rate for its Bangkok and Chiang Mai flights reaching 85 percent.
CNA published another report last night saying that the CAA met with TransAsia Airways management yesterday to discuss V Air’s situation.
After being briefed by TransAsia about V Air’s operations, the CAA reminded the company about its duty to protect the rights of its employees and passengers, the report said.
The agency added that since TransAsia is a publicly traded firm, it has first to secure approval from its board of directors for any change in its operating model, including whether it plans to merge with V Air or shut down the budget carrier.
Tigerair Taiwan also denied plans to shut down its operations, adding that it is launching a new flight to Hakodate, Japan, on Friday next week.
Asked about its decision to cancel a planned flight service to Sapporo, Japan, which would have started on Sept. 13, the company cited the lack of ground crew for refueling as the main reason for the suspension.
However, with supply outpacing demand on Japanese routes, Tigerair said it is considering merging flights that have consistently low occupancy rates.
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