The aviation group has projected that its operations would return to pre-pandemic levels by the end of this year.

As at 2.51pm, the counter rallied 4.2% or four sen to 99 sen, giving it a market capitalisation of RM4.17 billion.

Over 48 million of its shares have been traded, making it the second-most actively traded stock at the time of writing.

Capital A CEO Tony Fernandes said the group looks forward to its fourth quarter results when AirAsia is projected to be fully operational with its entire fleet.

The budget airline made an announcement yesterday outlining its strategy to completely bring back into service its fleet of 204 aircraft, following a renewed agreement with CFM International, their long-standing engine provider.

Furthermore, it plans to expand its fleet to over 300 aircraft within the next five years.

The aviation group’s net profit increased 220% to RM1.12 billion in the second quarter ended June 30, 2023 (Q2 FY2023) from a net loss of RM931.22 million in the same quarter last year.

Its quarterly revenue surged 114% to RM3.15 billion from RM1.46 billion previously, driven by the revival of air travel in Q2 FY2023.