Capital A net loss widens

(PHOTO: Shutterstock) A, formerly known as AirAsia Group, reported a net loss of RM1.08 billion (US$246.6 million) in the quarter ended 31 March, which was a 10.35 percent larger loss compared with the same quarter a year ago. The larger loss was attributed to higher operational costs on fuel and maintenance, as well as a share of loss of RM143.1 million from an associate company, following the completion of the restructuring and recapitalisation plan of the associate, the group said in a filing with Bursa Malaysia on 26 May.

Revenue for the quarter was RM812 million, up 153 percent compared to a year ago, as aviation revenue grew 226 percent to RM601 million with the further easing of travel restrictions during the quarter. Capital A saw improvements in all of its businesses during the quarter. Its logistics arm, Teleport, reported a 58 percent increase in revenue y-o-y to RM147 million, while its digital businesses consisting of airasia Super App and BigPay reported a 46 percent increase in revenue y-o-y to a combined RM63.7 million.

“After two long years of the pandemic, the worst is now over, and we are returning stronger and better,” said Capital A CEO Tony Fernandes in a statement accompanying the result announcement. “The world is reopening and travel restrictions are subsiding in all of our core markets. These will significantly benefit both our airlines and non-airline businesses. We are preparing to recall remaining furloughed staff amid an expected earnings recovery,” he said.

AirAsia Malaysia’s load factor was up by 1 percentage point y-o-y to 74 percent in 1Q2022, while AirAsia Indonesia saw its load factor jump 20 ppts y-o-y to 76 percent. AirAsia Philippines enjoyed an 86 percent load factor during the quarter, up by 12 ppts y-o-y, while AirAsia Thailand’s load factor was at 73 percent, up by seven ppts y-o-y. In 1Q2022, Teleport benefited from the return of passenger flights whereby 40 percent of increased revenue was derived from higher passenger belly capacity. Delivery volume grew 451 percent y-o-y to 945,000 e-commerce orders in 1Q2022, which was already 65 percent of its 2021 full-year volume of 1.45 million e-commerce orders.

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