M’sia Airports remains in the black with RM58.19 mil net profit in Q1 2023

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 (Q1 2023), compared to an RM104.76-million loss from the previous corresponding quarter.

This came after the airport operator returned to profitability in Q4 2022, 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%.

“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 costs for the period,” the company said.

It added that the revenue increase “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.”

Overall, MAHB said that its Malaysian operations had recorded a significant increase in revenue, by 131.5% from RM273.1 million to RM632.2 million.

On its prospects, MAHB said traffic at its airport network continued to show recovery, with Q1 2023 passenger movements trailing closer to pre-pandemic levels, reaching 80.2% of Q1 2019 levels and registering 26.8 million passenger movements, a growth of 4% over Q4 2022.

“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% of the pre-pandemic levels,” it said.

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

MAHB added that no dividends were paid or declared during the current quarter, and the financial period-to-date under review. – Bernama, May 30, 2023