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Monday, November 30, 2020

MAHB incurs RM319.7m loss in Q3 as revenue falls 71pct

 


Malaysia Airports Holdings Bhd (MAHB) continued to post losses this year with a net loss of RM319.72 million in the third quarter (Q3) ended Sept 30 versus a net profit of RM197.87 million in the same quarter in 2019.

This was due to a 70.7 percent drop in revenue to RM396.69 million from RM1.36 billion a year earlier.

Malaysia, Turkey and Qatar operations recorded a decrease in revenue of 73 percent, 67.7 percent and 45.5 percent, respectively, it said in a filing with Bursa Malaysia today.

MAHB’s network of airports recorded 36.2 million passengers in the nine-month period to Sept 30, 2020, a contraction of 65.5 percent over the corresponding period in the prior year.

During the same period, the group’s traffic for international and domestic passengers contracted by 73.6 percent and 58.2 percent, respectively, it said.

On its prospects, MAHB said overall demand for global air travel was expected to show continued resilience, as it had done over the last few months with traffic recovery in the near term depending on effective measures and standard operating procedures, reinforced by measures and actions by airports to ensure safety and security of air passengers.

“With the commencement of operations of the e-fulfilment hub at Cainiao Aeropolis Electronic World Trade Platform Hub in Malaysia early November, the Kuala Lumpur International Airport (KLIA) is looking forward to further improved airline connectivity at the airport with the increase in flight frequency and capacity.

“The new facility is expected to help increase cargo volume by 700,000 tonnes, thus doubling KLIA’s current volume to 1.4 million tonnes per year by 2029,” the company said.

It added that existing airline partners at KLIA would also be able to enjoy new business yields by utilising their aircraft belly space with increased cargo volumes.

Bernama

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