News
AirAsia Group announces cost of failed AirAsia Japan investment
February 25th 2021
AirAsia Group yesterday informed the Bursa Malaysia it had recognised a loss of US$74.1 million in respect to its grounded AirAsia Japan affiliate for the second half of calendar 2020 as a result of bankruptcy proceedings commenced against the Japanese LCC. Read More » The loss was "due to financial assistance in the form of inter-company transactions and loans being written off as these amounts were deemed to be irrecoverable", AirAsia Group said. The company also had incurred costs of US$5.2 million in the fourth quarter of 2020 and the first quarter of 2021 "for expenses related to the aircraft de-registration to move three aircraft from Japan to Malaysia", the parent company said. AirAsia Japan was shut in October 2020.
