PETALING JAYA: Capital A Bhd
reported weaker results for the third quarter ended Sept 30, 2025 (3Q25), with net profit plunging 57.6% even as its operational metrics continued to improve.
According to its quarterly filing with Bursa Malaysia, the group posted a net profit of RM695.38mil in 3Q25, down from RM1.64bil in the previous corresponding quarter.
The group broke down its results into continuing and discontinued operations.
The discontinued segment relates to the planned disposal of its airline business — comprising AirAsia Malaysia, AirAsia Thailand, AirAsia Indonesia and AirAsia Philippines — to AirAsia X Bhd (AAX), a key component of its PN17 regularisation plan.
Capital A said the exercise is now in its final phase, following the waiver of a key Thai regulatory condition.
Its continuing operations comprise its logistics arm Teleport, its maintenance, repair and overhaul (MRO) unit Asia Digital Engineering (ADE), its online travel agent (OTA) AirAsia MOVE, and other non-aviation ventures.
On a group basis, Capital A said revenue dipped slightly year-on-year (y-o-y) to RM4.82bil, but earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 77% to RM1.1bil.
However, profit before tax was down to RM576.3mil due to a foreign exchange loss of RM113.3mil compared to a higher profit before taxation of RM2.1bil in 3Q24, when it benefited from a substantial foreign exchange gain of RM2.3bil.
Capital A’s continuing operations recorded 3Q25 revenue of RM816.9mil, up 6% from 3Q24.
Ebitda rose to RM112.9mil from RM90.1mil, while profit after tax turned positive at RM22.4mil versus a loss of RM50.1mil previously.
Segment-wise, logistics contributed 38% of revenue, MRO services 27%, OTA 13%, with the remaining 22% coming from brand, inflight and other businesses.
The group’s aviation business revenue fell 2% y-o-y to RM4.45bil, reflecting weaker tourism sentiment in Thailand and a shift toward domestic routes.
Ebitda rose to RM1.02bil on lower fuel prices and cost optimisation.
Profit before tax eased sharply to RM9.3mil due to the exceptional foreign exchange gains in the prior year.
Year-to-date, the group carried 47.42 million passengers, with an average seat kilometre of 67,323 million. Jet kerosene prices averaged US$85.66 per barrel.
Capital A said aviation operations have stabilised, with momentum expected to continue into 4Q25, supported by peak-season demand, improved domestic connectivity in Indonesia, a rebound in Thailand, and rising demand from China.
“Capital A companies recorded steady progress in 3Q25, with businesses showing clear operating momentum even as some contributions shifted to later in the year,” it added.
“Jet fuel edged higher year-to-date but remains below full-year assumptions, with oversupply in the oil market keeping a lid on prices despite geopolitical risk in Russia and the Middle East.”
Capital A said stronger Asean currencies, led by the ringgit, are also easing dollar-based costs, with scope for further relief if foreign exchange momentum persists.
