News
Capital A widens losses to US$203 million in September quarter
December 1st 2022
Malaysia-headquartered Capital A has reported a net loss of 901.3 million ringgit (US$203 million) for the three months to September 30 compared with a net loss of 887 million ringgit in the same months in 2021. Read More » Revenue increased 563%, to 1.97 billion ringgit, the company formerly known as AirAsia Group informed the Bursa Malaysia stock exchange this week. Capital A said its AirAsia Aviation Group (AAAGL), operating airlines in Indonesia, Malaysia, the Philippines and Thailand, flew 125 aircraft in November and it is expected to increase its operating fleet to 140 aircraft by year-end. A full return to flying of the group’s 205 aircraft is planned for the second quarter of 2023. “For our airlines under AAAGL, we expect improving performance as we anticipate some tailwinds in aviation. Oil prices are going down and ASEAN currencies are strengthening against the US dollar. Any recession will be a positive for us in the low-cost aviation space as people trade down to shorter and cheaper flights,” Capital A CEO, Tony Fernandes, said. “It’s encouraging to see a continuing upward trend for air travel in the final quarter of 2022 with festive seasons and school holidays approaching.”
