Capital A Bhd's net loss reduced to RM178.82 million in its third quarter ended September 30, 2023 (Q323), compared to a net loss of RM901.31 million in the same period last year.
Revenue surged to RM4.2 billion from RM1.96 billion a year earlier, it told the exchange today.
The company returned to a net loss after three consecutive profitable quarters, primarily due to a gain recorded in the previous quarter from the consolidation of Asia Aviation Public Company Ltd Group.
The basic loss per share improved to 4.30 sen from 22.30 sen.
The revenue increase was attributed to strong recovery in demand from domestic and international travel, with 86% of revenue coming from the aviation segment.
For the nine-month period, Capital A reported a net profit of RM996.55 million, a significant turnaround from the net loss of RM2.74 billion in the previous corresponding period.
Revenue more than doubled to RM9.9 billion.
The group anticipates a revenue upswing in the final quarter, exceeding pre-pandemic levels, driven by robust travel demand during the peak season.
Ancillary income is expected to surge by 50%, supported by dynamic pricing initiatives and the launch of innovative products.
Capital A said it is in the last stretch of finalising the PN17 regularisation plan, aiming for a full submission to Bursa Malaysia soon.
The group underwent a significant transformation from an Asean airline to a low-cost, high-value aviation and travel services group in response to pandemic challenges.
The strategic revamp focused on cost control and maximising revenue, with a goal to bring 187 aircraft back into service by year-end, representing around 80% of pre- pandemic levels.
The company remains optimistic about delivering strong performance in the final quarter of 2023 and beyond, emphasising strategic initiatives across various business segments for sustainable growth, operational excellence, and financial strength.
Capital A shares shedding 2 sen or 2.3% to close at 87 sen today, valuing the group at RM3.67 billion