News
AirAsia X reports eighth quarterly loss
May 21st 2021
AirAsia X (AAX) recorded a net loss of 5.7 billion ringgit (US$1.4 billion) for the three months to March 31, 2021, continuing its decline in earnings from a net loss of 549.7 million ringgit 12 months ago. Read More » The results were the company's eighth consecutive quarterly loss. Revenue for the March quarter was 38.5 million ringgit, AAX said in a regulatory filing to the Bursa Malaysia, down 95.8% from 924.1 million ringgit in the same quarter a year ago. The long-haul LLC group, which has grounded the bulk of its fleet since April 2020, apart from a limited number of cargo and charter flights, said it "suffered from the full impact of the COVID-19 pandemic" during the March quarter. "AirAsia X will not be able to restart scheduled operations until there is an easing of travel restrictions and a gradual reopening of international borders," the airline said in its financial accounts. AAX was working on a turnaround effort. It includes renegotiating with creditors, reducing shares on issue by 90% and shrinking the route network; pre-requisites for raising funds either through equity or debt.
