With demand for travel in Southeast Asia string to to rebound following the relaxation of pandemic-related rules, Capital A Bhd, the mother company of Malaysia's low-cost carrier AirAsia, on Friday announced a smaller operating loss fort the second quarter.
The business claimed that a bright future lay ahead, supported by strong sales growth and the easing of travel restrictions around the world.
By the end of 2022, Capital A expects to have 160 operational aircraft, and by the second quarter of 2023, it expects to be fully operational. Capital A said it was taking all reasonable steps to put its grounded fleet back into service.
For the three months ending June 30, Capital A reported an operating loss of 491.3 million ringgit ($110.03 million), down from a loss of 792.2 million ringgit in the same period last year.
The company announced last month that its airline load factor, a gauge of the proportion of seats filled, increased to 84% in the second quarter, levels similar to those prior to the pandemic.
The number of passengers increased by 633 per cent from the previous year, helped by rising domestic demand and the start of international travel in Southeast Asian nations. However, because of the prolonged lockdowns in China, cargo tonnage decreased by 27 per cent.
To diversify its revenue streams, Capital A has made significant investments in the payment company BigPay, the logistics company Teleport, and the mobile Super App.
In an effort to overcome Malaysia's stock exchange's designation of it as a financially distressed firm, the company stated in June that it was considering fundraising possibilities for a future U.S. listing.
(Source:www.usnews.com)
The business claimed that a bright future lay ahead, supported by strong sales growth and the easing of travel restrictions around the world.
By the end of 2022, Capital A expects to have 160 operational aircraft, and by the second quarter of 2023, it expects to be fully operational. Capital A said it was taking all reasonable steps to put its grounded fleet back into service.
For the three months ending June 30, Capital A reported an operating loss of 491.3 million ringgit ($110.03 million), down from a loss of 792.2 million ringgit in the same period last year.
The company announced last month that its airline load factor, a gauge of the proportion of seats filled, increased to 84% in the second quarter, levels similar to those prior to the pandemic.
The number of passengers increased by 633 per cent from the previous year, helped by rising domestic demand and the start of international travel in Southeast Asian nations. However, because of the prolonged lockdowns in China, cargo tonnage decreased by 27 per cent.
To diversify its revenue streams, Capital A has made significant investments in the payment company BigPay, the logistics company Teleport, and the mobile Super App.
In an effort to overcome Malaysia's stock exchange's designation of it as a financially distressed firm, the company stated in June that it was considering fundraising possibilities for a future U.S. listing.
(Source:www.usnews.com)
