AirAsia X posts RM652.51mil net loss in 4Q
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KUALA LUMPUR: AirAsia X Bhd (AAX) posted a net loss of RM652.51mil, or loss per share of 157.30 sen in the fourth quarter ended June 30.
Revenue for the quarter stood at RM107.18mil.
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AAX announced on Dec 2, 2020, that its financial year end has been changed from Dec 31, 2020, to June 30, 2021. As such, there will be is no comparative financial information available for the preceding year's corresponding periods.
For the full financial year ended June 30, AAX posted a net profit of RM32.8bil, or earnings per share of 7908.10 sen on revenue of RM438.77mil.,
"The lodgement of the Sanction Order marks the completion of the debt restructuring process, the company is now operating with a clean financial position, where RM33.6bil of provisions made for default under contracts and liabilities have been forgiven and reversed," AAX said.
As travel restrictions gradually relaxed across the region, including in Malaysia, the carrier has started operations to Incheon, Seoul and Delhi, India in the current quarter in 2022, and is expected to ramp up its operations by the end of 2022 and early 2023, to Japan, Australia, New Zealand, United Kingdom, Istanbul, Dubai and Jeddah.
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The planned routes have been taken into account on routes with high cargo loads and demand, which will contribute positively to the financial of the company.
“The company is currently operating under a high fuel price environment, weakening of ringgit against U.S dollar and obtaining regulatory approvals of the routes.
“The company also expects the load factor to build gradually as there are challenges in some of the markets such as longer Australian Visa application process, travel restriction in Japan and Taiwan, and restricted entry in China,” AAX said.