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AirAsia X reports US$35.48 million quarterly loss
November 24th 2021
AirAsia X’s (AAX) first quarterly report under its changed financial year has produced a net loss of RM149.1 million (US$35.46 million). Read More » Last year, AAX changed its financial year-end from December 31 to June 30, 2021 and said this meant there was no comparative financial information for the preceding corresponding periods. Revenue was RM99.3 million, with an operating loss for the quarter of RM136.8 million. The change in the financial year meant profit comparisons were not the only area where there was a paucity of information about the airline. “During the quarter ended September 30, the company has suffered from the full impact of the COVID-19 pandemic and the suspension of scheduled flight operations in April 2020, with the parking of the majority of the aircraft fleet,” AAX said in a stock exchange statement “The performance indicators for the business are not meaningful. The tabular presentation of revenue and cost metrics in the quarter is therefore not included below as there is no like-for-like comparison to the same quarter as September 30, 2021.’’ AAX is aiming to restructure and restart its operations. A rescue proposal, which offers creditors 0.5% of debt owed by the LCC, was given the green light on November 12.
