Macau feels the economic pain
A fall-off in both regional and long-haul tourists, increased cross strait flights and a decline in business activity across southern China have forced the Macau government, a Special Administrative Region of China, to inject 200 million patacas (US$24.33 million) to keep budget carrier, Viva Macau, afloat.
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Viva Maca: has received a US$24.33 million cash injection to stay afloat |
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Launched five years ago, Viva Macau flies to Tokyo, Sapporo, Hanoi, Ho Chi Minh City, Jakarta and Melbourne and operates a fleet of three B767s. Separately, China’s flag carrier, Air China, has paid US$19.3 million to increase its equity in struggling Air Macau from its current 51%.
Suffering from the same economic and cross strait problems as Viva Macau, Air Macau lost US$13.03 million in 2008 and is reported to have increased its deficit significantly for the 12 months to December 31, 2009.
An Air China spokesperson said Air Macau had good long-term prospects because of the region’s fast economic growth.
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February 2010 >
Business Round Up
