Improved demand helps AirAsia Aviation Group to raise Q1 revenue
AirAsia Aviation Group (AAAGL), a subsidiary of Capital A (formerly known as AirAsia Group), reported its financial results for the first quarter of 2022, revealing that revenue has significantly increased.
According to the report, AirAsia’s first quarter revenue totaled RM601 million (US$136 million), up 226% year-on-year. The positive results were attributed to improved demand and further easing travel restrictions across the key markets in the region.
“The aviation group outlook remains positive as we firmly believe there will continue to be a V-shaped travel rebound and improved passenger traffic continuing throughout the remainder of the year and beyond,” President and Group CEO of AirAsia Aviation Group, Bo Lingam said.
AirAsia Aviation Group carried a total of 3.7 million passengers in Q1 2022. During the quarter, AirAsia Aviation Group operated at 60% of pre-pandemic domestic capacity. Looking ahead, the airline group aims to operate at 93% of pre-pandemic capacity by the end of 2022.
“We are confident in the ongoing revival of air travel in the coming quarters and with the support of Asean countries which are already gradually reopening international borders, that we will be flying to pre-Covid capacity on many of our core domestic and international routes by the end of this year,” Lingam added.
Capital A, a parent company of AirAsia Aviation Group, Asia Digital Engineering, airasia Super App, Teleport, and BigPay, reported a net loss before taxes of RM1,076 million (US$250 million).
“I’m excited by the pace of recovery in aviation, the huge potential growth of ADE and Teleport, and the very exciting prospect of profitable digital businesses. Capital A is on track to build a strong and profitable cash flow with our diversified business portfolios,” CEO of Capital A, Tony Fernandes said.
Fernandes also added that Capital A is preparing to recall remaining furloughed staff as the company slowly recovers from the COVID-19 pandemic setbacks.
SAS secures $700M financing to support operations during Chapter 11
Scandinavian airline SAS says it secures $700 million in financing as part of its Chapter 11 restructuring process ...
Turkish Airlines posts $737 million net income for H1 2022
Turkish Airlines has posted a net income of $737 million in the first half of 2022. ...
Cathay Pacific narrows H1 loss despite severe restrictions
Cathay Pacific has narrowed its half-year loss despite being among the worst hit worldwide by strict COVID-19 travel res...