MALAYSIA Airports Holdings Bhd (MAHB) remained in the black after posting a net profit of RM58.19 million for the first quarter ended March 31, 2023 (Q1 2023), compared with an RM104.76 million loss from the previous corresponding quarter.

This came after the airport operator returned to profitability in Q4 2022, ending 11 straight quarters of losses.

In a filing with Bursa Malaysia today, MAHB said its revenue rose to RM1.03 billion for the quarter under review, compared to RM570.85 million last year – an increase of 81.2%.

“The group registered a profit before tax of RM63.3 million in the current quarter under review driven by higher revenue, other income, and lower finance costs for the period.

“The revenue increased is in tandem with significant increase in passenger volumes for the group, driven by further easing of travel protocols and further resumption of airline services and connectivity with traffic recovery, with total passenger traffic of 26.8 million as compared with 14.7 million in the corresponding quarter in the prior year,” it said.

MAHB said its overall Malaysian operations recorded a significant increase in revenue by 131.5% from RM273.1 million to RM632.2 million.

MAHB said its network of airports traffic continues to recover, with Q1 2023 passenger movements trailing closer to pre-pandemic levels, reaching 80.2% of Q1 2019 levels and registering 26.8 million passengers, a growth of 4% over Q4 2022. 

“Barring unforeseen circumstances, considering the easing of travel restrictions, particularly in regions such as China, Japan, and South Korea, it is anticipated that 2023 will achieve a recovery to approximately 80-90% of pre-pandemic levels. 

“Challenges and uncertainties remain with respect to geopolitical uncertainties, rising jet fuel prices, and local and global macroeconomic outlooks,” it said.

MAHB said no dividends were paid or declared during the current quarter or the financial period-to-date under review. – Bernama, May 30, 2023.