AAX records RM149m losses

by BERNAMA / pic by TMR FILE

AIRASIA X Bhd (AAX) has recorded a net loss of RM149.14 million and revenue of RM99.27 million in the first quarter ended Sept 30, 2021 (1Q21).

In a filing to Bursa Malaysia, it said that during 1Q21, the company has suffered from the full impact of the Covid-19 pandemic and with the suspension of scheduled flight operations in April 2020, and the parking of the majority of the aircraft fleet, the performance indicators for the business are not meaningful.

“The tabular presentation of revenue and cost metrics in the quarter is therefore not included as there is no like-for-like comparison to the same quarter as at Sept 30, 2021.

“As announced on Dec 2, 2020, the financial year end of the group has been changed from Dec 31, 2020, to June 30, 2021.

“As such, there will be no comparative financial information available for the same quarter last year,” the company said.

On prospects, AAX said on Nov 12, 2021, that the company convened a meeting of its creditors to consider the proposed debt restructuring as presented in the explanatory statement dated Oct 18, 2021.

At the meeting, the proposed debt restructuring was approved by 100% of the Class A creditors, 97.56% of the Class B creditors and 100% of the Class C creditors present, and voting either in person or by proxy at the said meeting, the company said.

“As the requisite majority of 75% of each Class A creditors, Class B creditors and Class C creditors has been obtained at their respective meetings, the proposed debt restructuring has accordingly been approved by the scheme creditors, and now remains subject to sanction by the High Court.

“Subject to the sanction of the proposed debt restructuring by the High Court, the proposed capital reduction and fund-raising exercise, approved by the company’s shareholders at the EGM held on June 1, 2021, will commence,” it said.

The company said the fund-raising exercise intends to raise sufficient capital to restart operations when international borders reopen and provide sufficient liquidity to allow the company to meet its financial obligations.

“Further developments on the above matters will be announced to Bursa Malaysia as and when they occur,” it added.