KUALA LUMPUR, May 29 — Capital A Bhd recorded a net loss of RM91.55 million in the first quarter ended March 31, 2024 (1Q 2024) compared to a net profit of RM57.09 million a year ago, due to foreign exchange loss.

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, Capital A said in a filing with Bursa Malaysia today.

"About 20 per cent of the fleet (167 operating aircraft as of end-March 2024) was not in operations during the quarter, depreciation and finance cost 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 per cent of the group’s revenue was attributed to the aviation segment while the logistics, digital and other businesses contributed the remaining 11 per cent.

The Group reported positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of RM1.03 billion in 1Q 2024 as compared to an EBITDA of RM502.2 million in 1Q 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. — Bernama