AirAsia X posts net loss of RM308.5 million for third quarter

20 Nov 2020 / 00:14 H.

PETALING JAYA: AirAsia X Bhd (AAX) posted a wider net loss of RM308.5 million for the third quarter ended Sept 30, from a net loss of RM229.9 million, as the continued border closures remained a drag on the group’s performance.

Revenue also dropped to RM59.9 million, from RM1.01 billion a year before.

For the cumulative period, the group’s net loss came in at RM1.16 billion, from RM393.67 million previously. Revenue was at RM1.08 billion, from RM3.2 billion in 3Q’19.

Looking ahead, the group said on Oct 6, it had proposed a debt restructuring scheme.

Under the scheme, the group proposed the total outstanding amounts owing to the scheme creditors as at the cut-off date, be restructured and reconstituted into an acknowledgement of indebtedness by AAX for a principal amount of up to RM200 million, which is payable annually over a period of up to five years, via three equal payments from the 3rd to the 5th anniversaries of the implementation of the proposed debt restructuring.

“The implementation of the scheme is currently ongoing and its success is critical to the ability of the company to raise new funding, either as debt or equity, and to continue as a going concern,” it said in a Bursa filing.

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