Capital A loss widens in Q2

(PHOTO: Shutterstock)

Malaysia’s Capital A, formerly known as AirAsia, announced Friday (26 August) that its net loss widened to RM931.22 million (US$207 million) in the second quarter (Q2) ended June 30 compared to a RM580.06 million net loss 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 the second quarter, 84 percent of the group’s revenue was attributed to the aviation segment while 6 percent of revenue was derived from the logistics business, 5.5 percent from the digital and other businesses and the remaining 4.5 percent 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 percent year-on-year (y-o-y) on the back of the resumption of domestic and international travel. As a result of the relaxation of restrictions and robust travel demand, the group carried 5.56 million passengers during the quarter under review, up 633 percent y-o-y, while passenger load factor was up by 16 percentage points to 84 percent. Operating costs rose 243 percent y-o-y to RM1.25 billion in Q2 2022 as fuel costs surged significantly by 68 percent to an average fuel price of US$151 per barrel. Staff costs and maintenance expenses, mainly flying and ground crews, increased significantly y-o-y in tandem with the restoration of flights. Capital A said 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.

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