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MAHB in the red for Q1 on Covid-19 containment measures

22 May 2020 / 13:41 H.

PETALING JAYA: Malaysia Airports Holding Bhd (MAHB) posted a net loss of RM20.39 million for its first quarter ended March 31, 2020 against RM149.58 million reported in the corresponding period of the previous quarter attributed to the contraction in passenger movements due to the impact of Covid-19 pandemic and travel restriction.

Revenue for the quarter stood at RM933.84 million, a 25.4% fall from RM1.25 billion reported previously.

Tthe period saw a lower pretax profit of RM800,000 and RM3 million for its operations in Malaysia and Qatar respectively, while its operations in Turkey reported a narrower pretax loss of RM39.3 million compared to RM51.7 million loss reported previously.

Its share of associates in the quarter amounted to RM500,000 compared to RM2.4 million registered previously.

For its prospects ahead, MAHB said the overall passenger movements for the network of airports have been affected by the travel restrictions imposed since March 2020 due to Covid-19.

“Moving forward, air travel demand may resume if the risks associated with the pandemic have been mitigated both in Malaysia as well as countries which our airports have flight connections to,” it said.

With the aviation industry affected by the unprecedented travel restrictions and bans, it has begun proactively executing a group-wide optimisation plan to ensure that MAHB is able to meet its financial and operational obligations.

It outlined that this includes reviewing operational efficiencies, rebasing cost, prioritising capital expenditure and conserving cash to safeguard its financial resilience while ensuring business continuity under difficult conditions.

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