Capital A Berhad reported its unaudited financial results for the second quarter ended 30 June 2024 posting a revenue of RM4.9 billion and EBITDA of RM735 million, representing Year-on-Year ("YoY") increase of 54% and 59%, respectively.

The group said the results were achieved despite ongoing fleet reactivation efforts with 22 aircraft remaining grounded. Capital A's non-aviation companies showcased promising progress, achieving over RM1.3 billion in Year-to-Date ("YTD") revenue, surpassing YTD revenue in FY2023.

Collectively, the Group achieved Net Operating Profit of RM52 million but a Net Loss of RM542.5 million, primarily due to RM403.9 million in unrealised foreign exchange losses and over RM175 million in finance and depreciation cost relating to non-operating aircraft costs. However, the Group's YTD net cash from operations doubled YoY to RM2.1 billion.

Despite the challenging fuel price and foreign exchange conditions, the airline business demonstrated resilience by posting segmental revenue of RM4.6 billion, a substantial 60% YoY increase, while EBITDA surged to RM707 million, up by 75% YoY, representing a healthy 15% EBITDA margin.

• CEO of Aviation Group, Bo Lingam comments on the business outlook "Our number one priority remains getting our planes back in the air. We have been operating under challenging conditions, with limited aircraft availability due to delayed deliveries and a tight supply of spare parts. Despite this, the first half of the year was a resounding success, surpassing pre-pandemic performance both in terms of revenue and EBITDA. This momentum continues to build as we reactivate our remaining A320 fleet which will further improve margins. Our key partners including General Electric ("GE") and their LEAP engines will be critical for their support in this reactivation.