Malaysia’s AirAsia X Bhd posted a record loss for the first three months of the year and a quarterly loss for the eighth straight quarter as the coronavirus pandemic destroyed demand for air travel.
The airline, a subsidiary of AirAsia Group Bhd, reported a net loss of 5.67 billion ringgits ($ 1.37 billion) on Thursday for the January to March period, more than ten times the prior-year loss of 549.7 million ringgits same period. The airline has attempted to restore 64.15 billion ringgit of debt and said the asset’s depreciation was not affecting the restructuring.
“If the restructuring is successful, adequate accounting entries are made that more appropriately reflect the assets and liabilities based on the final restructuring terms agreed,” the report said.
After the successful completion of the restructuring plan and the opening of international borders, the company continues to strive to resume business operations as soon as possible.
The airline has changed its fiscal year end from December 31st to June 30th and expects the results of the restructuring to be known then. The basis for preparing the audited financial statements will be clear and of greater value to shareholders at this point.