KUALA LUMPUR, Aug 29 (Bernama) -- Capital A Bhd slipped into the red with a net loss of RM454.18 million recorded in the second quarter ended June 30, 2024 (2Q 2024) compared with a net profit of RM646.28 million in the same quarter a year ago.
However, revenue for the 2Q was higher at RM4.86 billion against RM3.15 billion a year ago, mainly attributed to the strong recovery in demand from both domestic and international travel, the group said in a Bursa Malaysia filing today.
“In 2Q, 87 per cent of the group’s revenue was attributed to the aviation segment while the logistics, digital and other businesses contributed the remaining 13 per cent to the group,” it said.
Additionally, in a separate statement, the group said that collectively, it achieved a net operating profit of RM52 million, but a net loss of RM542.5 million was primarily due to RM403.9 million in unrealised foreign exchange losses and over RM175 million in finance and depreciation costs relating to non-operating aircraft costs.
“However, the group’s year-to-date net cash from operations doubled year-on-year to RM2.1 billion,” it said.
The group consists of Aviation Group and Capital A Companies -- Capital A Aviation Services, Teleport, MOVE Digital and Capital A International.
Meanwhile, the bourse filing showed that for the six-month (6M) period ended June 30, 2024 (FY2024), the group recorded a net loss of RM545.73 million as against a net profit of RM703.37 million in the same period last year.
Capital A, however, accumulated RM10.10 billion in revenue for the 6M FY2024, versus RM5.68 billion previously.
On prospects, the group said the first half of 2024 marked a period of significant transformation for Capital A.
“With the corporate exercise plan progressing steadily and gaining positive market traction, Capital A is encouraged by the growing investor confidence in our strategic direction.
“The board remains optimistic about the company’s prospects for 2024 and is committed to delivering a robust financial performance,” it added.
-- BERNAMA
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