Capital A’s revenue more than doubles to RM5.2bil in 1Q24

PETALING JAYA: Capital A Bhd expects a stabilisation in demand as it progresses into the second quarter of 2024 (2Q24).

The aviation group posted its highest-ever quarterly performance in the first quarter ended March 31, 2024.

Capital A registered a net loss of RM91.6mil in 1Q24 from a profit of RM57mil in 1Q23. This translates to a loss per share of 2.20 sen. The current quarter recorded foreign exchange loss of RM370.9mil due to the depreciation of local currencies against the US$ during the quarter.

On the other hand, the group’s revenue more than doubled to RM5.2bil in 1Q24 from RM2.5bil previously, underpinned by strong recovery in demand from both domestic and international travel.

In a filing with Bursa Malaysia, Capital A said 89% of its revenue was attributed to the aviation segment while the logistics, digital and other businesses contributed the remaining 11% to the group.

The group stated that its ongoing aircraft reactivation program is nearing completion, with only 19 planes left to be reinstated in the second half of 2024 (2H24).

The airline aims to have 202 operational aircraft by year end, boosting its capacity to serve the growing demand across our expanding network.

In 1Q24, about 20% of the fleet (167 operating aircraft as at end of quarter) was not in operation during the quarter.

Moreover, Capital A expects to launch six international routes to capitalise on the anticipated demand growth from the China and India visa-free program in the next two quarters.

“We are also specifically committed to intensifying our ancillary offerings, building on the momentum from achieving RM878mil in ancillary income in the first quarter of the year,” the group noted.

The group’s fifth short-haul airline, AirAsia Cambodia, was launched in May and is expected to scale up its operation to three aircrafts this year.

Meanwhile, Capital A is also projecting healthy growth for its companies like Capital A Aviation Services (CAPAS), Teleport, Move Digital and Capital A International.

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