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AirAsia X reports record quarterly loss of USD5.9 billion
Cash-strapped AirAsia X posted an enormous quarterly loss of US$5.9 billion, an eight-fold increase compared to last year.
It was the ninth consecutive quarterly loss for the AirAsia Group Bhd affiliate.
Although revenue only dropped by 20%, it was required to make a multi-billion-dollar provision to cover debts.
The impact of the provision should be temporary, it said in a Bursa Malaysia filing.
"The contractual liabilities for which the provision is made will be waived upon a successful completion of the proposed debt restructuring exercise," it said.
The airline is in the middle of restructuring which has proved difficult with disagreements with major aircraft lessor creditors.
The business plans to return some aircraft to the lessors in order ‘to achieve the optimal fleet size.’
It has already reportedly agreed revised terms with Airbus for a large plane order.
The airline also said it plans to apply for a government guaranteed loan of up to RM500 million.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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