KUALA LUMPUR (July 4): MMAG Holdings Bhd (KL:MMAG) said its 80%-owned cargo unit MJets Air Sdn Bhd has inked a cargo interline agreement with Capital A Bhd’s (KL:CAPITALA) logistics arm Teleport Everywhere Pte Ltd to improve cargo operations.

According to MMAG’s filing with the stock exchange, MJets and Teleport have agreed to carry out each other’s cargo shipments on designated routes. The agreement is initially valid for one year, from July 1, 2024, to July 31, 2025, and both parties have the option to extend the agreement for an additional year.

“The charges will be determined based on the actual completed transport by each party during the duration and validity of the agreement.

“The collaboration between MJets Air and Teleport leveraging each other’s combined strengths and networks aims to optimise cargo operations to streamline operations and enhance efficiency, with the potential to generate mutual benefits for both entities and their respective clientele,” MMAG added.

MMAG widened its net loss to RM111.22 million for the fourth quarter ended March 31, 2024, compared to RM52.77 million a year earlier, mainly due to higher operation cost in the air freight segment and higher transportation cost in the transportation and logistics segment. This was despite revenue rising to RM138.2 million from RM102.37 million.

Shares of MMAG closed up half a sen or 1.56% to 32.5 sen on Thursday, giving it a market value of RM648.86 million.