The earnings is resulted from a write-back of provisions and forgiveness of liabilities in the period
AIRASIA X Bhd (AAX) saw its share price increase by 5.41% to 55 sen as at 10am today after recording RM33.62 billion earnings in net profit in the third quarter ended March 31, 2022.
In an exchange filing yesterday, the carrier said its debt restructuring was completed on March 16, which resulted in a write-back of provisions and forgiveness of liabilities in the period, amounting to RM33.6 billion.
AAX said its debt restructuring took effect upon the lodgement of the sanction order with the Registrar of Companies on March 16.
“The lodgement of the sanction order marks the completion of the debt restructuring process, a fact which is reflected in the financial statements for the quarter where RM33.6 billion of provisions made for default under contracts and liabilities which have been forgiven have been reversed,” it said.
There are no comparative figures for the current quarter due to a change in AAX’s financial year-end from Dec 31 to June 30.
For the first nine months to March 31, AAX posted a net profit of RM33.46 billion on RM331.59 million revenue. — TMR