MAHB operations hit by travel ban

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) saw its net losses in the first quarter ended March 31,2021 widen sharply to RM221.29mil, as revenue was severely impacted by the prolonged movement control order (MCO) and interstate travel ban.

In a filing with Bursa Malaysia, MAHB said the net losses in the previous corresponding quarter was RM20.38mil. The first MCO was imposed in mid-March 2020.

MAHB’s pre-tax loss in the first quarter widened sharply to RM280.5mil as compared to a pre-tax loss of RM35.5mil a year ago due to the drop in revenue.

“However, the pre-tax loss was cushioned by the reduction in core operational expenses by 22%, as compared to the corresponding quarter, driven by the group’s continuous cost containment initiatives, ” it said.

MAHB’s Malaysia operations recorded a pre-tax loss of RM180.5mil as compared to a pre-tax profit of RM800,000 a year ago.

Its Turkey operations recorded a pre-tax loss of RM100.8mil versus a pre-tax loss of RM39.3mil a year ago. Its Qatar operations recorded a lower pre-tax profit of RM800,000 as compared to a pre-tax profit of RM3mil a year ago.

“The higher losses, however, were cushioned with the recognition of deferred tax asset arising from the current period business losses. Accordingly, the group recorded loss after taxation of RM221.3mil, ” it said.

As for its revenue, MAHB said the first quarter saw a decline of 63.9% to RM336.91mil from RM933.83mil a year ago.