News
Losses pile up at AirAsia X in final months of 2020
March 1st 2021
AirAsia X Berhad (AAX) said it "suffered from the full impact of COVID-19" during the three months to December 31, 2020, when it posted a net loss of 174.3 million ringgit (US$43 million), for the quarter, a decline from a 95.8 million ringgit net loss a year earlier. Read More » Revenue collapsed by 95%, to 54.7 million ringgit, AAX reported to Bursa Malaysia on Friday. It was the company's seventh consecutive quarterly loss. In February, the High Court of Malaysia granted AAX permission to convene a meeting of creditors as part of a restructuring effort. "This decision by the court to allow the company to seek concessions from its creditors represents an important step forward in the restructuring process," AAX said in its financial report. "The company will proceed to convene a meeting with its creditors within the 180 days prescribed by the court."
