30/11/2023 07:06 PM

KUALA LUMPUR, Nov 30 (Bernama) -- Capital A Bhd sharply reduced its net loss to RM178.82 million for the third quarter ended Sept 30, 2023 (3Q 2023) compared with RM901.31 million in the corresponding quarter a year ago. 

In a filing with Bursa Malaysia, the airline group said revenue more than doubled to RM4.23 billion from RM1.96 billion in 3Q 2022, mainly attributed to the strong demand recovery in domestic and international travel.

"In the quarter under review, 86 per cent of the group’s revenue was attributed to the aviation segment while the logistics, digital and other businesses segment contributed the remaining 14 per cent," it said. 

Capital A also noted that the current quarter recorded a foreign exchange loss of RM169.3 million due to the appreciation of the US dollar against the local currencies. 

For the cumulative nine-month period ended Sept 30, 2023 (9M 2023), Capital A returned to the black with a net profit of RM996.55 million compared with a net loss of RM2.74 billion in 9M 2022.

Meanwhile, revenue in 9M 2023 expanded to RM9.91 billion from RM4.24 billion previously. 

On prospects, Capital A said the group aims to bring 187 aircraft back into service by year-end, around 80 per cent of its pre-pandemic levels, leveraging the high travel season and the newly established visa-free travel between China and Malaysia starting Dec 1, 2023. 

"As we navigate this final quarter, our strategic initiatives across corporate, aviation, logistics, engineering, and digital ventures are aligned to propel the group towards a future of sustainable growth, operational excellence, and financial strength.

"We anticipate a strong final quarter to conclude 2023 and remain confident that the group will deliver its true performance in 2024," it said. 




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