News
AirAsia X March quarter benefits from LCC’s restructuring
June 1st 2022
AirAsia X (AAX) has recorded a net profit of 33.6 billion ringgit (US$7.7 billion) for the three months to March 31, returning to the black from a net loss of 5.7 billion ringgit in the same months in 2021. Read More » In mid-March, AAX announced it had completed the restructuring of its debts with a “Sanction Order” lodged with the Registrar of Companies in Malaysia. The restructuring was reflected in the financial accounts for the quarter and lodged with the Bursa Malaysia stock exchange through a “write back of provisions and forgiveness of liabilities”. Absent the accounting measure, AAX financial accounts said the LCC continued to suffer from the impact of the pandemic during the quarter with scheduled flight operations suspended and the majority of its fleet parked. Revenue was 113 million ringgit for the three months, a fraction of 1.2 billion ringgit the carrier’s sales in the first quarter of 2019.
