Capital A net loss widened further in 2Q due to forex losses

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File pic shows AirAsia aircraft lineup at MAHB's KLIA.

KUALA LUMPUR: Capital A Bhd’s net losses has widened to RM931.22 million in the second quarter (Q2) ended June 30, 2022 against RM580.06 million in the same quarter last year due to foreign exchange losses of RM480.3 million.

Revenue surged to RM1.47 billion from RM388.91 million for Q2 previously and RM2.278 billion for year-to-date thanks to the revival of air travel during the period, the airline group said in a filing with Bursa Malaysia today.

"In the second quarter, 84 per cent of the group’s revenue was attributed to the aviation segment while 6.0 per cent of revenue was derived from the logistics business, 5.5 per cent from the digital and other businesses and the remaining 4.5 per cent was contributed by the engineering business,” the budget airline operator said.

Capital A said the aviation group reported RM1.38 billion revenue for Q2 2022, up by 475 per cent year-on-year (y-o-y) on the back of the resumption of domestic and international travels.

As a result of the relaxation of restrictions and robust travel demand, the group carried 5.56 million passengers during the quarter under reviewed, up 633 per cent y-o-y, while passenger load factor was up by 16 percentage points to 84 per cent.

Operating costs rose 243 per cent y-o-y to RM1.25 billion in Q2 2022 as fuel costs surged significantly by 68 per cent to an average fuel price of US$151 per barrel.

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Staff costs and maintenance expenses, mainly flying and ground crews, increased significantly y-o-y in tandem with the restoration of flights.

On prospects, Capital A said for the group's aviation business, all signs indicate a return to normalcy in domestic travel this year as well as a rapid recovery in international air traffic throughout 2022 and next year.

Positively, the high yield market is likely to continue due to strong pent-up demand, rational competitive landscape and strong take-up in ancillary products from the reinstatement of international flights, it said.

"Profitability outlook is showing signs of improvement, given the trend of softer fuel prices from concerns over weakening demand.

"However, currency depreciation in ASEAN and high maintenance costs to bring operational aircraft back into service remain as headwinds,” it added.

With the rapid return of international lanes, Capital A expects its logistics business Teleport to grow with belly capacity and utilisation to increase in the latter half of this year. - Bernama

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