KUALA LUMPUR, April 18 (Xinhua) -- Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines Berhad (MAB), announced Tuesday that its net loss after interest and tax for 2022 reduced 79 percent to 344 million ringgit (77.58 million U.S. dollars) from 1.65 billion ringgit a year ago.

MAG said in a statement that it achieved a record net profit after interest and tax of 1.15 billion ringgit in the fourth quarter of 2022.

The positive performance was underpinned by robust demand, higher yield across passenger and cargo business segments, effective cost management, and cash flow optimization. This was despite higher fuel prices and labor costs, weaker ringgit and lower-than-pre-pandemic flight capacity levels.

For the full-year 2022, the group recorded a net operating profit of 556 million ringgit as it saw improvement across all its business segments.

Cargo subsidiary MABkargo Berhad (MABkargo) recorded a marginally weaker performance compared to a year ago amid softening of global freight demand and increased capacity in the market in the second half of 2022.

Main airline MAB's total revenue tripled compared to the year before, underpinned by strong demand in the international sector for both passenger travel and cargo freight.

On the outlook, MAG said the travel demand outlook remains strong in the near term, although the macroeconomics environment remains very challenging with sustained high fuel prices, volatile forex, higher operating costs due to inflation, labour constraints, recession and geopolitical risks.

With China's border reopening in January 2023, it said that MAB aims to regain the remaining capacity for its entire network, which currently stands at 85 percent, and fully recover services to China and North Asia by the end of the first half of 2023.

This will spur economic growth between Malaysia and China, boosting the overall business and trade links between the two countries, said MAG. (1 ringgit equals 0.23 U.S. dollar) Enditem

Related

Go to Forum >>0 Comment(s)