By Chester Tay

Malaysia Airports Holdings posted a first-quarter net loss as passenger numbers fell due to the Covid-19 pandemic and travel restrictions imposed globally to contain its spread.

Its net loss was 20.4 million ringgit ($4.7 million), compared with a net profit of MYR149.6 million in the first quarter of 2019, the airports operator said in a stock exchange filing Friday.

First-quarter revenue dropped 25% compared with the same period a year earlier to MYR933.8 million, in tandem with a 24% fall in the number of passengers.

Malaysia Airports said air travel demand may resume if the risks associated with Covid-19 are mitigated both in Malaysia as well as in countries which its airports have flight connections with.

The group said it is executing an optimization plan to ensure both its financial and operational obligations are met. These initiatives include reviewing operational efficiencies, rebasing costs, prioritizing capital expenditure and conserving cash to safeguard its financial resilience while ensuring business continuity under difficult conditions, it said. 



  Write to Chester Tay at chester.tay@wsj.com