The parent company of Malaysian budget airline AirAsia, Capital A, on Thursday (Feb 29), reported a loss for the final quarter of 2023, reflecting higher operating and financing costs while logging its first annual net profit since the onset of the COVID-19 pandemic.
Net loss attributable for the three months ended December came in at 159.6 million ringgit (US$33.66 million) compared to a profit of 109.9 million ringgit a year ago.
Capital A shares ended the day 3.5 per cent lower at 0.69 ringgit apiece.
The company is currently getting ready to list its unit, which is the licensee of the AirAsia brand, on NASDAQ after finalising a US$1.15 billion SPAC merger.
The firm, which is currently consolidating its long and short-haul brands under one brand, reported a surge in operational costs – mainly aircraft fuel expenses – during the quarter.
Aviation fuel charge surged to 1.96 billion ringgit from 963.27 million ringgit, while maintenance and overhaul expenses more than tripled…
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