AirAsia, which rebranded Capital A Bhd, reported a net loss of RM1.08 billion for the first quarter ended March 31, 2022 (1QFY22).
According to calculations, Capital A suffered a loss of 10.35% compared to the same quarter last year even though the company's revenue doubled on a year -on -year basis.
The filing on Bursa reported that the loss was due to high operating costs for fuel and maintenance as well as another loss of RM143.1 million coming from the completion of the company's restructuring plan.
Turning to company revenue, 1QFY22 recorded RM812 million, equivalent to 153% higher than the same quarter last year, with aviation revenue jumping 226% year -on -year to RM601 million due to improved demand during the festive season and border reopening.
In addition, Capital A also saw an increase in all its businesses during 1Q on a year -on -year basis where;
Revenue from the company's logistics arm, Teleport, rose 58% to RM147 million.
The company's digital business revenue, Super App and BugPay increased 46% to RM63.7 million.
Meanwhile, Chief Executive Officer (CEO) Tan Sri Tony Fernandes expressed optimism with the company's prospects after 2 years of the border being closed due to Covid-19.
In addition, Fernandes added that they had appointed Ernst & Young Consulting’s net auditors on April 29 to resolve the company’s Practice Note 17 (PN17) status, the latest ‘material uncertainty related to Capital A’s ongoing efforts’ status has been changed.
As of this morning, Capital A shares were trading red 3.76% at 64 sen with a market capitalization value of RM2.66 billion.
