For the 1H, AAX reported a revenue of RM1.06 billion, quadruple the revenue recorded in the same period of 2022. In 2022, revenue was mainly generated from charter flights and cargo, as most of the fleet remained on the ground and the Group only commenced minimal scheduled flight operations in the quarter ended 30 June 2022. As for Q2, the group recorded a revenue of RM512 million compared to RM107 million it recorded in 2022 with profit coming in at RM5.5 million versus a loss of RM652 million recorded in the preceding year’s quarter.
While this reporting period has always seen relatively lower sales due to seasonality, the surge in international travel since the reopening of borders has contributed positively to the revenue, translating to a 49% recovery against the same period in 2019 (pre-COVID-19).
Overall, the Group reported an EBITDA of RM460.9 million, 120% higher than the same period in 2019, i.e., preCOVID-19 level of RM385.3 million. This is mainly driven by the higher average base fare and average ancillary revenue per passenger of RM533 and RM236, respectively (Pre-COVID-19, 2019: average passenger fare – RM437, average ancillary revenue per passenger – RM166) with a normalised passenger load factor of 76% (PreCOVID-19: 80%).
The Group recorded EBITDA of RM100.5 million for the quarter under review, against the EBITDA of RM360.3 million in the preceding quarter ended 31 March 2023, driven primarily in the cost for maintenance and overhaul and aircraft leases subsequent to the increase in number of aircraft (Q2’23: 17 aircrafts, Q1’23: 14 aircrafts) and utilisation of aircrafts (Q2’23: no. of stages 2,234 ,Q1’23: no. of stages 1,721). EBITDA in the preceding quarter is also comparatively higher due to the inclusion of reversal of provision on debts and investments, amounting to RM148.8 million.
Revenue remained strong at RM512.9 million albeit a slight 7% dip with Q2’23 being traditionally a low-sales season. This is backed by the 21% increase in ASK capacity with a load factor of 76%. Operating costs continue to be impacted by the weakening of currency against US Dollar, but are bolstered by favourable fuel price movements during the quarter (Q2’23: USD92/barrel; preceding quarter Q1’23: USD107/barrel).
