Good evening, everyone, and thank you for joining us in today's announcement of financial results for the quarter ended 30th of June, 2023. I have with me Sheikh Mohammad, who is the GCFO of Malaysia Airports, who will go through the financial slides with you, and then I will continue with the other side, the operational slides, in today's results announcement. Over to you, Sheikh Mohammad. Okay. Good evening, all. I went through the slides pretty quickly today, and we open up questions. I think our presentation, we limit it to 20-25 minutes- Okay. Before we move forward for questions from the participants. Yeah. To start with is our pax. As you can see that, the quarter-to-quarter pax has improved, from 36.2 million in quarter one, which we announced much earlier, about last two, three months. And now we are at 29.2 million in quarter two, so it tallies up to about 56.1 million. What's good news about the pax is that in June, we hit the highest pax number since pre-COVID. Malaysia has hit about 7 million, whereas ISG has hit about 3.2 million. For June alone, it's 10.2 million. Even better news is that in July, we break this again. In July, for Malaysia, we are at 7.4 million. and in ISG, it continued to grow from 3.2 million- 3.7 million, and it totals up to 11.1 million, much higher by 1 billion from 10.2 million. So, I think the recovery trend has been, very encouraging. And, and just to give a little bit more color, for ISG, for example, the international traffic for half the year against half-- last year, half a year, is 9 million against 6.4 million in pre-COVID, first half of 2019. So, that actually has grown over 140 million, hundred and forty percent. But the good thing about this is also, on the Malaysia front, international, traffic has also, improved significantly. For the half a year, against last year, it has grown from 4 million- 17.4. Compared to pre-COVID half a year, 2019, was 26 million, so we are about 67 or 70% recovery. Quarter by quarter, we continuous good loading factor, higher capacity. It does fuel further demand that translates to higher traffic. We can see here, just to recap, the domestic movement is about 21.5 million, with average load factor of 78.2%. It continues to improve. For Malaysia side, the domestic recovery is about 85.5%. I mentioned just now, the international recovery is about 67%, so that's on the Malaysia front. For Turkey, total passengers is up again, by 24.4%, to 17.2 million for the first half 2023. Again, the same half a year last year, 13.8 million. So it has already, as I mentioned, exceeded the first half, 2019, of 17 million passengers, by 1.5%. Domestic recovery is about 77.5%, and international recovery is about 140.9%. So, looking at that, we can see that for is, for ISG, our Sabiha Gökçen Airport, continue to show a very, very good positive traffic throughput, driven by strong peak season traffic demand. So as we approach quarter three, I think you can see that trajectory. Hopefully, on the last quarter in December, where usually Turkey is a bit slower, but we hope that, like last year, it did not actually dip. Actually, it continues to grow. So from that traffic recovery and growth, EBITDA actually has improved significantly. EBITDA for the group, for the half a year, almost double, from MYR 471.7 million- MYR 1 billion. We have crossed a billion. And both Malaysia and, well, Turkey actually is at about MYR 460 million, where the remaining MYR 565.2 million is from our overseas. So, we have already crossed a billion mark for EBITDA for the half a year. Profit after tax for the quarter, we have hit around MYR 100.5 million for the quarter, against last quarter of MYR 58.2 million. So we almost double up and total about 160 million, 160.7 million. Against this, if you can see in subsequent slide, we have some cost challenges to say, but that is very much mitigated through very various action that we did on our cost to contain it, notwithstanding the increase in our traffic throughput. Cash is about MYR 1.7 billion. We continue to build up cash from the growth in our EBITDA. And our ratings, of course, remains the same, and we have not used any borrowing lines since the last quarter. So, moving forward, we believe that this solid recovery will continue. We can see that 67 carriers from the eight regions are already operating at our airports. That's about 91% of 2019 levels. So we have the destination, we have the air carriers that are moving in, and we expect more airlines to return and commence operations. We'll go through that in more detail in the subsequent slide. China recovery has been gradual but steady. We hope that at least to return to 60% pre-pandemic levels by the end of 2023. For the OA front, we're still working with the government, and we are quite optimistic that we'll be able to close it before the year end. Apart from that, I think in this presentation, apart from the aero revenue, which we feel that the demand will continue, more capacity we put in, with more airlines flying from our airport. We believe that the spillover of this is our non-aero, and we're going to talk more about, in this section, about our commercial spaces. I think that's quite important in terms of how many shops we're opening, how many more that we—what more are we going to do for our reset? That is a sprint to the finish line to make sure that we will be going on full cylinders to the finish line, in that sense. Yeah. The next slide shows the passenger pax movement. I think I've touched on this. You can see that the darker blue line, 2019, you can see now at June last year, for the month is about 12.1. We are at 10.2. We almost closed the gap in May at 9.9 against 10.7. But we believe that gap, as you can see, are narrowing, and we should be crossing the 2019 pretty soon, at least by middle of next year or the latest quarter three, looking at this new trajectory. Next slide, please. All right. The revenue base, as I mentioned earlier on, you can see that in all segments of the business, you can see in Malaysia, the aero and non-aero shown tremendous improvement. For the non-aero, retail, for example, first half 2022 was only MYR 68.6 million, and first half 2023 is MYR 256 million. Commercial, almost double from MYR 93.6 million- MYR 209 million. Our land rental is about MYR 84 million, and we have already breached MYR 100 million. That, that translates to a half year of MYR 247 million against MYR 554 million. As you can see, MYR 555 million, you can see in the bar chart. For Istanbul, also, with the encouraging traffic growth for international, we can see that for aero, it has also grown by MYR 351.3 million to MYR 482 million. But because of the growth in international, that has also translated in better result for duty free, our duty free and our non-aero that has moved up from MYR 236.6- MYR 310.2. And I think, it's quite a commendable result also for ISG side. Just to share, all our entities at month six are already in the black. That includes, MA Sepang, that operates KLIA, KLIA2, MASB, the rest of the airport, our international entity, which is ISG and Gateway. All of our entities, including the hotels, our commercials, our retail, are all at already at a profitable, level, are already in the black, month six. So moving forward, as you can see in slide 7, the overall results that we can see is that not only in terms of the revenue from MYR 1.2-1.3 billion, that has moved to MYR 2.3 billion, we can see that other income has grown up. Also, this other income, it derives from all the energy recharge that we have done from our tenants, as well as other recoupments from our subsidiaries, our associate company, in terms of fixed charges that we have claimed from them. And direct costs, although it has increased, but it continues to remain in check, although we continue to have to endure a higher rate in terms of energy prices on both Malaysia and Istanbul. In terms of other aspect of it, as you can see, that our move in terms of refinancing, our loan, earlier during the year, allow us to reduce, the finance cost significantly by over MYR 50 million, as we actually take that opportunity of a low rate when we did our sukuk and lock it out at a blended 3.85%. And, rather insulated from the, increase in rates, that we are experiencing both in, Malaysia as well as in, Turkey. So against that, for the first half last year, we were at a loss of MYR 162.9 million. In first half of 2023, we continue the profitability trajectory from the quarter four, quarter one, and now at quarter, first half of 2023 at MYR 160.7 million. Moving forward, the next slide shows that ISG, as well as Malaysia, has continued to be profitable. In slide nine, shows our cost structure, which actually we broke it down between the revenue related, which has increased because of increase in revenue. Human capital that has increased from MYR 48.3 million, largely because of the early provision for bonus for performance by MYR 27 million, which we have provided upfront rather than later in the year. The adjustment that we have to make for inflationary in ISG as well as Malaysia, which is approximately 19 or 18, 19 million per se, 18 million per se, and of course, over time and allowances as we increase our throughput and increase our operation. Bear in mind, the total number of staff in Malaysia now stands at 8,881, as opposed to the last year, first half, 2022, which is at 9,004. So actually, we have reduced the headcount from Malaysia by MYR 200 million. As such, the productivity of our people has increased. As you can see that the overtime actually has increased by about MYR 11 million for the half the year. But we are okay with this because, we can make it at a variable cost to contain whatever cost, and to make it more efficient. In terms of ISG, the total number of costs, number of staff remains at about 500-530 people. So we have a contraction in number of staff, continued moderation, but we compensated it with our, our overtime to increase the productivity per se. But apart from the human capital, the other operational cost is really on our maintenance, which we have to invest in replacement due to the increase in traffic. But the other part is the utility cost. As you can see, the utility cost has increased from about 37.7 sen- 49.7 sen. This is largely because of the ICPT, the imbalance cost pass-through that has been charged by us, around 30 sen per kW So that has increased the cost of our electricity in that, in that sense. But that cost largely are from external consumption. You can see from 39, 34.9-57.2, which we can actually recharge our client, hence the increase in our other income. With regards to chilled water, that is relatively, controllable in terms of the, in terms of the total cost from 41-50, as we contain the cost per kilowatt of refrigerated chilled water at about 0.275 sen. So again, for ISG, there is a slight increase there, reflecting also the inflationary adjustment in energy prices and, of course, MASB airports. The other 37 airports, also have to push it in, energy prices in terms of electricity. So, overall, we can see that the cost in terms of Malaysia's core cost per pax, actually, as you can see, in the first half 2022, is at MYR 29.9 per pax, has reduced to MYR 19.5, largely, us maintaining the cost structure as much as we can against increasing rates of energy, but supported by the number of passenger throughput in our airport. If you look at the Malaysian and Turkey core costs also, it has hovered around 7.2-9.5. The 9.5 is largely impacted by the inflationary adjustment that we need to do for our staff there, due to the inflation, high inflationary impact in terms. So that's for the first half to first half in terms of our core cost. If you look again for the quarter-to-quarter, second quarter 2022 against second quarter 2023, again, Malaysia's core cost per pax, we can see again, for Malaysia, it has reduced from MYR 35.7-MYR 20.7. And for Turkish, it has also reduced from MYR 7.3-MYR 6.7, as the energy cost has continued to reduce on the Turkey front. So, moving forward, apart from the cost that we have in slide 12, shows our balance sheet. It continues to strengthen. We have a healthy cash balance at about MYR 1.7 billion. The borrowings remain relatively the same. There is a maturity of our revolving credit in August, about MYR 435 million, which we have paid down MYR 150 million. So in quarter three, we will see this group going to reduce further, and by the year end, with the repayment of ISG, we will see this repayment of loan also. That will bring down the total group borrowing further by the year end. So net assets continue to grow with the profitability, and of course, the gearing ratio remains below 0.75 at 0.63X. We are quite comfortable at this level, and net gearing is about 0.01. Moving forward in slide 13, shows the utilization of cash. As you can see, largely, our cash is used to pay the general user fee, which is concession fee in Istanbul, which is about EUR 150 million. Other than that, it's really about paying our CapEx and utilities, about MYR 150 million. But that is compensated by the operating cash that we receive from our business in that sense. Yeah? So total undrawn facilities remain the same because we have not drawn down any facilities. It remains the same at MYR 7.6 billion. Moving forward in slide 14, what we can see here is our foreign shareholders remains at 23%. And as you are well aware, we have completed the dividend reinvestment scheme, which we have a subscription rate, which is quite, actually quite good at 87.5%. So that allow us to conserve further cash and reward our shareholders through additional shares at a discounted rate. So there is no sizable repayment in borrowings 2023. What we have is actually a maturing debt, about MYR 600 million in 2024, further down in quarter four, at MYR 600 million, and of course, EUR 16 million in 2024. We have a plan there, but we have to wait for the right window to observe how the interest rate movement is. We still got time to see whether we should actually engage and refinance or pay down some of this debt in a sense. Yeah. So moving forward, I think a more interesting slide is actually in slide 19 and 18, which my colleague is going to explain. But in a nutshell, what is important here is in slide 19, where we show clearly that in 2019, we are operating on the 774 airlines. In year-to-date now, six months, about 67 airlines, which is 91%. Moving forward, in 2024 to 2025, we will, we expect to surpass what we had in, in 2019. So the funnel looks, really, really good, really, really encouraging, really, really optimistic. And we are going aggressively for all these, important international, airlines. We have almost secured-- We have already actually secured British Airways. Qantas is coming in. Air India, Lufthansa, we are also almost secure. Iberia is coming, and Fiji Airways is coming. So we are, we are trying to build KLIA as a stronger hub by bringing all these international airlines in there. And how we did that is, we have, various schemes or Airlines Acceleration Program, to bring in and to attract these major airlines to come in. There are of course, statistics in terms of loading and capacity and so forth. I think, the down arrow also will show the potential of our revenue in terms of the ability for us to generate the propensity of revenue moving forward towards the end of 2023, where we are sprinting into the 5 finish line and moving forward to 2024. So I think, Nazura will bring you from slide 17, and I will wrap it up in the last slide, Nazura. Okay, boss. Thank you, Sheikh Mohammad. So, allow me to backpedal to slide 17. We have shared this slide in the past, but allow me to explain again our initiative to get traffic spikes up to pre-COVID levels and beyond. One, the National Air Connectivity Development Council has been established earlier this year, of which we are a member. And number 2, we have formed strategic partnerships with targeted airlines to further develop connectivity and further strengthen KLIA's position as a hub in this part of the world. And in this manner, we are actively targeting 5 key markets, namely Northeast Asia, Indonesia, India, the Middle East, and Europe, and working with these targeted airlines and charterers to expand connectivity into these markets. And number three, we have in place a two-year Airlines Acceleration Program, which Mohammed touched briefly just now on, to attract airlines to operate and expand their operations into Malaysia. And perks of this program includes landing fee waiver, free airport office rental, and also marketing support. So moving on to capacity and load factor. Next slide. On the Malaysian side, capacity for both domestic and international flights are still on an upward trajectory, which indicates that there is still confidence in demand for both factors. And the load factor for domestic is now higher than what it was in 2019, indicating that the recovery in domestic demand has in fact outpaced capacity recovery. On the international side, load factors are still very healthy and expected to only further improve in the busier second half of this year. So Mohammad has touched on the next slide, slide 19. I just wanted to, you know, reemphasize that in this chart, we've listed the major alliances and corresponding airlines that operate into Malaysia, which for us is a huge plus point, as these alliances bring with them great connectivity, not just regionally, but globally, and positions KLIA as one of the more well-connected transit hubs in this part of the world. And to further enhance this connectivity and attractiveness, we are in very close talks with a number of major airlines, like Mohammad mentioned, including BA, Qantas, Lufthansa, who will all potentially return to Malaysia in 2024 onwards. Likewise, in Turkey, we are also in close talks with other airlines to launch or return to Sabiha Gökçen, including Lufthansa and Finnair who will both operate out of Sabiha Gökçen in 2024 onwards. Malaysia's own Batik Air will also commence flights to Istanbul, landing into Sabiha Gökçen on December first, connecting Istanbul to the rest of Asia and Australasia via Batik's network. Currently, 45 airlines operate out of Sabiha Gökçen, compared to 59 in 2019, and even with a fewer number of airlines today, the passenger traffic has in fact surpassed 2019, and any additional carriers coming into Sabiha Gökçen in future are expected to only further spur growth at our Turkey operations. Slide 31. Now let's talk about China. While recovery has been gradual, the momentum of recovery is actually growing, with a 40% recovery, in fact, numbers recorded in the month of June. Overall, for the first half of the year, the recovery was about 21%, given that the recovery in the earlier part of the year was pretty muted compared to recent months. Load factor was at about 68%-69% for the first half of the year, with more recent months recording higher loads compared to the first quarter. Now, total seat capacity for Chinese routes is currently at 3.5 million seats, which is about 43% of 2019, with recovery being highest during the last quarter of this year. And there are currently about 210 flights per week, compared to almost 350 in 2019. Moving on to slide 22, I will not go through the slide line by line, but key takeaways from this slide is that all the local carriers in Malaysia are expecting to add more aircraft into their fleet. Both Batik and MYAirlines are aggressively expanding, with MYAirlines targeting to have 20 A320s in their fleet by the end of the year from its current fleet size of 8. And additionally, it was mentioned in recent news that Capital A is also targeting to restore its full fleet operation by August 2022, which is this month. So all these developments bode well for us as the airport operator and, of course, for passengers and travelers as well, as the airlines introduce more options, more capacity and more destinations to build their network. And lastly, for this section, let's see what the trend is with capacity and load factor in Sabiha Gökçen. In terms of capacity, international capacity seems to continue growing, probably at the expense of domestic capacity. But we are not complaining, of course, as international flights yield higher PSCs and, more often than not, higher retail spending. This also reflects the split in passenger mix at the airport, where international passengers have in fact outnumbered domestic passengers in recent months. Load factors are also encouraging for both domestic and international, and with peak capacity and loads expected during the busier summer months of July to September. Moving on to commercial. We've shared a number of initiatives that we have carried out since last year throughout our network of airports. In the first half of the year, this year, over 70 exciting brands have opened across our airports, including first Malaysian airports like Jamie Oliver, Taco Bell, Yo! China, and more recently, Hard Rock Cafe in KLIA Terminal 1. The reset is ongoing, and out of the total 808 outlets we have, 86% have been awarded and signed on. Slide 26. Operational occupancy, as you can see on this slide, has steadily increased. In fact, in the month of July, the average operational occupancy has actually further increased to 70%, closer to our target of 85% by year-end. More exciting brands are now in the works to open by the year-end, including the Serai Group of Restaurants, with Jollibee, Diwan, and notice that most brands we share on this slide are F&B brands, which reflects the demand for passengers. But there are other offerings as well, including the Be Relax spa that just recently opened in Terminal 2. So now, on top of the multitude of F&B choices, you also have the option of doing your nails and having a massage while waiting for your flight. Be Relax's only other outlet in Southeast Asia is in China, so it's great that they chose KLIA to expand their presence in this region. Moving on to the next slide. After all that has been said and done, what have we achieved? So slide 27 shows how the tenants' sales have steadily grown over the past six months, growing from MYR 128 million in January to MYR 156 million in June, which is an increase of 21%. So this indicates a positive market reaction towards our efforts, and the momentum is only expected to continue throughout the year and beyond. Last but not least, we have now started work on slide 38, expanding the frontage area of our retail outlets. This is in the satellite building at T1, which will increase retail space by about 70%, and translates into higher rentals. The expansion is being carried out by The Zon and is expected to complete in April 2024. So that, ladies and gentlemen, is one of the commercial reset initiatives, all of which collectively aims to increase non-aero revenues, and as Mohammed mentioned earlier, our sprint to the finish line. Back to you. So the final slide is our three key takeaways for the half year. One is, Malaysia and Turkey has actually been profitable for the past two consecutive quarters, and that we believe will continue with the recovery of international passengers since pandemic. Number two is the traffic outlook for the rest of the year appears much more healthier than we expected. It shows a very healthy recovery trajectory, moving closer to pre-pandemic levels by the year-end. Turkey pax movement has already surpassed 2019 level. Well, I think Aizura has mentioned about the non-aero revenue also, and we can see that, with the modernization and the and the expansion of the spaces, that will also contribute to our non-aero revenue. Now on the aero revenue recovery initiatives, as you can see that the recovery of airlines is already in progress, and we hope to exceed that pre-19 levels by next year. And finally, I think the OA is expected to be concluded by the year-end, and I think there will be a third consultation paper issued by MAHB by the third quarter. Yeah. So thank you so much. We can have the questions now. Yes. Yep. Anyone who has questions, please raise your hands, and we will call based on the queue. You can now unmute yourself by pressing star six. I'm not sure if we went very fast, but everyone is, like, flabbergasted. So if anyone has any questions, please raise your hand. And now, Sharon. All right, we have Alwani from PNB. Please go ahead. Hi. Hi, thanks for the call. So I have two questions. Hang on now, Alwani. Hello, can you hear me? Yeah, we can. Yeah, we can. Thank you. Hi, yeah, thanks for the call. I have two questions. So the first one is, can you clarify on the new timeline for the Aerotrain? So it said that you guys had a 250-day delay in terms of the project. So does that mean that it hasn't gone into construction yet, and it's still within the design phase? And my second question is, in terms of the CapEx spending for the Aerotrain project, now that it has to be renegotiated, will that be in the new OA as well? Okay. Number one, yes, it's on the design stage. We have not constructed it yet, but we will do a catch up to and endeavor that to meet the required deadline that we have actually set our mind to it. So the second one is that in terms of the CapEx, with the one that we have actually earmarked initially, at this juncture, it remains the same. In terms of the payment, since I'm assuming because you had a special arrangement with Pestech in terms of the payment, so should we expect the same type of arrangement with the new vendor? Yeah, I think under the new interest environment, I think it would be best for us to take on the financing on our own. It will be much more economical in that way. Looking at our past trajectory, I think we can do a better job in terms of doing a project financing, looking at taking into consideration our credit rating as well as the project itself. So in essence, it is, to me, it is better for us to opt out to take the project financing on our own. That would actually save interest costs compared to if we were to do it as part of the package. Okay. Thank you. We have Peter Kong from KLSA next. Peter, please go ahead. Hello, Mohammad. Hello, Aizura, and also investor relations team. Perhaps my question over here is on two items. Number one, you mentioned that you have a expectation that the OA will be signed by year-end. Perhaps you can just illuminate us what is the progress that you need to achieve from now until year-end within this four months? Yeah. And then number 2, also, I think, perhaps I missed it, but there was no mention of a Subang Regeneration at this moment, right? Oh. Would you be able to give us some detail on the ground what's been happening on that discussion, please? These two items would be really helpful. Thanks. Okay. Thank you. In regards to the OA, I think all the terms of the agreement has already been agreed, and it's already at AG Chambers for final clearance. I don't think we have an issue with that. So the real thing that we are really working on now is our PSC rates. And we are putting forward, as you were aware, to the government of Malaysia, as well as MAHB, in terms of the cost escalation. For example, the ICPT that we have suffered, that the rates has went up from 18 cents to 50 cents, that we have to absorb in Malaysia Airports. So we feel that to be fair and reasonable, that should be at least reflected in our PSC. There are other cost components, for example, the minimum wage, the inflationary impact, materials, but even regulatory expenses like assessment, land assessment, and all that, that has gone up, which we intend, we have been, we have been giving our case out to the government to consider that as part of the adjustment to the PSC. So from now till the year end, I think, all hands on deck for us to, for us, which, for us to put our case, which we have been doing, to make sure that whatever rates that's been revised upwards does take into account this cost, which is not under our control, and we need that to be passed on on a fair and reasonable manner. Yeah. On the second point, in terms of Subang Regeneration, I think what we are going to initiate is actually the interim solution first, to expand the airport from 1.5 million to about 3 million, and jet operations to becoming it. As per what the government has mandated, in terms of the bigger phase of the airport in phase one, to move from 5-8 million, we are ironing out with the government in terms of the funding of the public infrastructure, which we are going to refine further and come to a conclusion to that. But apart from that, the business aviation component of the Subang Regeneration, as well as the aerospace component of the Subang Regeneration is going as planned. We are almost completing the executive jet hangar by year end. Our Collins facility is also being constructed within time and should be completed in one or two years. We got other exciting tenants that's coming in, which we will share with you once we ink those deals. So in essence, with regards to the city airport, the interim solution is on, and once the government has put forward the funding of MYR 21 million, we'll start to initiate that. But for the phases, the subsequent phases in terms of the total revamp of the airport in phase one to bring to 5 million and 8 million, that one we have to sort out the funding for the public infrastructure. But once we have pinned that down, then we can move forward on that development. So thank you. Thank you, that's very helpful. I'll turn back to the queue. Peter, if you have follow-up questions, it's fine, because there's no one else in the queue. We have Lucas on the line with his question. Please, go ahead, Lucas. Hi. Hi, thanks for the call. I have two questions. First one is regarding your China capacity. I see this, there's a difference in the recovery of your seat capacity found and the percentage recovery of your weekly flight frequency. Just want to know what causes the difference? Because your seat capacity found recovery rate is 43%, whereas for your flight frequency is 60.5%. What causes the discrepancy? Is it simply because of the aircraft size or anything else? Yeah, I think it's a factor of airlines down gauging. So instead of flying bigger narrow bodies, they're flying bigger wide bodies, they're flying smaller narrow bodies now. Okay. Okay, got it. And second is regarding your landing fee waiver- Yes. For commercial operations. Can you share more light on this, and how is this going to affect your landing fee revenue moving forward? Okay. Number one, is our landing and parking fee is one of the lowest in the region, so the contribution from landing and parking is really, really very small. So, but it means a lot for the airlines. So, while we are giving a waiver of one year or at the max two years to selected airlines, it doesn't dent our performance, because if I'm not mistaken, it's less than 5% in the total revenue contribution to us. So in the scheme of things, we got more passenger throughput, so the contribution margin per flight that comes in would more than grow our revenue and what we lose in terms of the incentive. Oh, okay. Because I saw landing and parking fees is contributed close to 10%-11% of first-half revenue. Yeah. Yeah, because- So- Yeah, because, yeah. Yeah, because that includes the parking fees and all that, but the landing fees is not that significant. Yeah. Okay. So, say for the first half, MYR 159 million, landing and parking, majority of it comes from the parking? Yes. Right. Yes. Yes, that is correct. Okay, sure, sure. Got it. Thanks. That's all I have for now. There are still a lot of planes that's yet to fly. Yeah. Okay, sure. Got it. All right, we have Thomas on the line now. Thomas, please go ahead. Yeah, I just want to follow up on the... Can you hear me? Yep. Yes. Yeah. Loud and clear. Okay. I just want to follow up on the past, like, the Aerotrain project. Yes. What is the stage now? Are you conducting a ten close tender, and who are the players? ... Oh, as you are aware, we have terminated Fastac, and now it goes to our normal process. I think that procurement process are internally run, in that sense. So, I'm not at the liberty to diverge that process per se. We will make subsequent announcement the selected person that we will onboard, in that sense. But it will abide to our governance process in terms of selecting a new partner. Okay, tender. An open tender? It is a tender process. So, most of the participants will be from the previous ones? Yes. Yes, definitely. Yeah. To make sure that you don't waste time? Yes. Yes, definitely. Okay. Thank you. We have Iman. Iman, please go ahead. Iman? Iman, maybe you can stay in the queue for a while, while we allow questions from Jay. Jay, go ahead, please. Hi, hi, guys. I'm just wondering if there's any update on the Aeropolis. Just wondering how our interest is, like, any progress that you can share with us? Thanks. The Aeropolis. Update on Aeropolis. Yeah. For the Aeropolis, I think there are a few deals that we want to close it, close out. I hope I can give a much more concrete outcome of it. Just give us another quarter or two, but before the year ends for us to give you the new few more tenants that we, we are going to secure. We are almost there, but just give us a few more months for us to get that sealed. If not, it will be quite premature for me to say now, per se. But, but we are actually trying to close a few deals for Aeropolis, in that sense. Yeah. I guess that's all from Jay. So, Ahmad, your turn. Hi. So I just want to follow up on that, Aerotrain. So is the timeline... Has the timeline changed, in terms of deadline? Is it by June 2024, I was reading, or is it actually 2025? I mean, I don't think there's no way that you can get it up by June 2024, right? Okay. The plan is, the first train will be out by June 2024, July 2024. And the remaining secondary and the, and the spare train will be, ruled out by one year after that, July 2024. So we are still endeavor to fit to that timeline, per se. Once we finalize with the new partners and all that, if there's any changes, we will make, the respective announcement. But as far as, what we are trying to do now is to actually meet those, particular target and deadlines that we, that we have, actually, announced. I see. So just the first train would be on... Okay. All right. So that means just the rolling stock line, the track doesn't have to change at all, right? I mean, does the- does it have to change- I think- If you have a different route? No, I, I can't answer you on the specific engineering parts of it, but what I will promise is the first train will be operational per se. Okay. All right. I'll take that for now. All right. Thank you so much. Thanks, Ahmad. Peter, you have a follow-up question? Yes, I do. Thank you. Mohammad, can I just check with you one item? I think in the previous call, Malaysia Airports was mentioning that, for a moment before the international footfall was achieve a certain level, let's say, for example, 70% of previous, then some of the tenants will not pay the entire rent, right? And it looks today that your recovery of the international has already hit that 70%. So I'm sure if I'm not mistaken- It's 67%. Okay. Okay, oh. But what you're saying is correct. In the last quarter, I did mention that if we were to hit exceed 70%, then the whole MGP will come into play. But now, since it's back to pax, so it is the number of pax we have for international over the 39 times the MGP. So in that sense, it's 67% of MGP, but once we reach the 70% for that particular month, then it will be full MGP for that particular month. Right. Right. Would it be possible to just ask you what would be that so-called delta or change? Because we are so close to that 70%, right? So the moment it hits 70%, how... Do you have a ballpark figure? Like, how much more rental do you think that is- could be collected, say, in the third quarter versus the second quarter? I think, number one, what happened was there is an upshot in quarter two against quarter one. Largely, it's because there is certain drawback in revenue that we built due to the change of the mechanism that I mentioned. That's why there is an upsurge of the commercial revenue quarter by quarter, quarter one to quarter two. Quarter three, we believe that that revenue although has increased, but it will be appear to be flattish, because in quarter two, we, there are some revenue that we charged in quarter two that, that actually relate to quarter one. Right? So in quarter three, most probably the quarter three revenue will be rather flattish against the quarter two revenue, right? Because as I said, in quarter two, apart from the quarter two revenue, we did flow in based on this mechanism, an extra bill in quarter one. That's why there is an increase, a sharp increase in quarter two, if you observe the figure. Quarter three, there will be a normalized situation where we charge for quarter three. There will not be any spillover from quarter two, because we have done that. But in quarter four, we believe that the spending will be better towards the year end, we believe that trajectory will improve at least, better. So in summary, if you look at the commercial revenue that we have, in that sense... Give me a minute. So if you, if you look at the first half of the commercial revenue, as the group, has about MYR 209 million, and as part of in Malaysia alone, if you look at Malaysia, it is about, in the first half of 2023, the commercial revenue alone is about MYR 209 million. We can see that for the full year, if it is, if, if it is prorated, it's about MYR 400 million. But we believe there will be slight upside from the MYR 400 million to around MYR 400-450 million due to the last quarter. But we are not looking at a continuous second quarter revenue times another two quarters, because the immediate growth in first quarter to second quarter, because that second quarter revenue, we did claw in some of the quarter one revenue, which we additionally bill in quarter two. So in my perspective, looking at the figures and the trajectory, I feel that quarter three will be somewhat flattish against quarter two, but there will be an upside, slight upside in quarter four, and total I think will MYR 420-MYR 450 by the year end. That's what I'm looking at commercial. That's the expectation. All right. Thank you, Mark. Okay, thanks for that. Yeah. Just one last question for me. Actually, I want to ask about Turkey as well, because the international pax, if I'm not mistaken, 53-47 mix, is another higher. I remember it used to be about 52. It's another high. Yeah. Yeah. Just wondering if you could just illuminate us as well, like, is there something structural that is happening also right now that is causing this to even go higher? Or do you think this is as good as it gets when it comes to yield? Actually, when we hit 51, the same question has been put forward, and I said that we will actually hit above 50% or 51. The structural change is because most of the airlines now prefer to actually fly international. That's why we actually open up more swing gates, about six gates more for international. So whether it's good as it gets at 53, after bridging 51 and 52, I'm actually cautiously optimistic that we could hit at least 54%-55%. That's what we anticipate it to be. But again, I'm quite conservative in this instance, but I feel that we will not drop back to 51% now, 50, 50%. But I'm cautiously optimistic that we will continue to do this for the mere fact that the growth in international continues, where domestic is still lagging since COVID. Okay. Thank you. Also, thank you. Thank you. All right. Thank you, Peter. We have time for one more question after Lucas. So two more questions, and then we're gonna have to wrap it up. So Lucas, go ahead first, and if anyone else has any questions, please, be in the queue. Thanks. Hi. Just one more quick question for me. Could you share the CapEx figures for the replacement of the baggage handling system and terminal transfer system? What's that? CapEx budget for TTS and BHS. For the BHS, the CapEx is about MYR 1 billion. For TTS, that point in time, including the OpEx, about MYR 600 million. I think the CapEx alone is about MYR 385 million-400 million, if I'm not mistaken. Yeah. Sorry, can you repeat the figure again? I kind of, The BHS, the CapEx for the project is about MYR 1 billion. Mm-hmm. For TTS, the CapEx and OpEx at that point in time during practice is about MYR 600 million, of which out of MYR 600 million, MYR 400 million is actually the CapEx. Okay. And this CapEx, you spread across many years, right? Say- Yeah. For BHS, we have already secured a financing with the vendor, T7. T7 is taking the finance. So during the construction, we don't have to pay anything except for the interest. And upon completion, there will be a six installment payment for BHS. For TTS, I think, after the termination, we will do the project financing. Usually, the project financing, if the project is another two years, it'll be two years of project financing and perhaps six to eight years of the loan to pay. But then again, I think the reason why we want to do the project financing is for us, it is much more sensible, because we believe that we can get better rates for it. After two years and three years, is we don't have a lot of CapEx, and we believe that we can generate a lot of cash flow. We can start paying down, whatever commitment we have, starting on the third year and beyond. I see. Okay, sure, got it. Thanks. All right. Thank you so much, Lucas. Thank you so much, everyone. Since there are no, no one else in the queue, so I guess we can wrap it up. But- Yeah. Boss. Thank you so much. I think we produced quite a good set of results. I think, yes, there is that OpEx pressure, especially on energy prices, but we are trying to manage that. As far as the question on TTS is concerned, we are well aware, and we have taken a lot of precautionary measures before we terminate Pressac. But we are concurrently already doing what is needed so that we meet the timeline. Unfortunately, for us, BHS is doing very well. I think the next 4 months is very critical for us, but for us to cross the year-end line with a good set of results, we are quite encouraged and quite excited to see the traffic, especially international traffic, has actually improved tremendously. And we believe, the non-aero side will start to, have the propensity to grow, especially towards, quarter three, end of quarter three and quarter four, I think. So, so that momentum continues, and we hope that we, when we see you again in quarter three and quarter four, we've got better news as it comes. Okay, sure. Thank you so much. Thank you, everyone. Bye.