MAHB remains in the black after posting RM58.19mil 1Q net profit

Photo: The Edge Markets

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) remained in the black after posting a net profit of RM58.19 million for the first quarter ended March 31, 2023 (1Q FY2023), compared to a RM104.76 million loss from the previous corresponding quarter.

This came after the airport operator returned to profitability in 4Q FY2022, ending 11 straight quarters of losses.

In a filing with Bursa Malaysia today, MAHB said that its revenue increased to RM1.03 billion for the quarter under review, compared to RM570.85 million last year, an increase of 81.2 per cent.

“The group registered a profit before tax of RM63.3 million in the current quarter under review driven by higher revenue, other income and lower finance cost for the period.

“Revenue increased is in tandem with the significant increase in passenger volumes for the group, driven by further easing of travel protocols and further resumption of airline services and connectivity with traffic recovery with total passenger traffic of 26.8 million passengers as compared to 14.7 million passengers in the corresponding quarter in the prior year,” it said.

Overall, MAHB said that Malaysia operations had recorded a significant increase in revenue by 131.5 per cent from RM273.1 million to RM632.2 million.

On prospects, MAHB said its network of airports traffic continued to show recovery, with 1Q FY2023 passenger movements trailing closer to pre-pandemic levels, reaching 80.2 per cent of 1Q FY2019 levels and registering 26.8 million passenger movements, a growth of four per cent over 4Q FY2022.

“Moving forward, barring unforeseen circumstances, considering the easing of travel restrictions, particularly in regions such as China, Japan, and South Korea, it is anticipated that 2023 will achieve a recovery to approximately 80-90 per cent of the pre-pandemic levels.

“Nevertheless, challenges and uncertainties continue to remain with respect to geopolitical uncertainties, rising jet fuel price, local and global macroeconomic outlook,” it said.

MAHB added that no dividends were paid or declared during the current quarter, and the financial period-to- date under review.

Source: The Star


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