“However, its revenue increased to RM5.24 billion from RM2.53 billion previously, mainly attributed to the strong recovery in demand from both domestic and international travel,” it said in a filing with Bursa Malaysia today.

Capital A said about 20% of the fleet (167 operating aircraft as of the end of March 2024) was not in operation during the quarter.

“Depreciation and finance costs for non-operating aircraft were presented below net operating profit in the consolidated income statement,” it said.

Meanwhile, it said for the quarter under review, 89% of the group’s revenue was attributed to the aviation segment while the logistics, digital and other businesses contributed the remaining 11%.

The owner of low-cost carrier AirAsia also reported positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) of RM1.03 billion in Q1 2024 as compared to an EBITDA of RM502.2 million in Q1 2023, driven by the improvement in the overall performance of the aviation segment.

“On the aviation outlook, as the group progresses in 2024, it expects a stabilisation in demand following the end of the peak travel period.

“By year-end, we aim to have 202 operational aircraft, boosting our capacity to serve the growing demand across our expanding network,” it added.

At the close of trading, Capital A’s share price was down by 1 sen or 1.15% at 86 sen, giving the group a market capitalisation of RM3.66 billion.