AirAsia X says no longer classified as a distressed firm


AirAsia X said on Tuesday that Malaysia's stock exchange had told the budget airline that it is no longer classified as financially distressed lifting the threat of being de-listed.

Both AirAsiaX and its parent company Capital A saw deep losses following a plunge in demand due to the pandemic and have scrambled to raise funds.

Bursa Malaysia Securities had classified the firm as PN17, or a financially distressed company, last year. Such firms may be de-listed from the exchange if they fail to stabilise their finances within a set time frame.

In July, AirAsia X asked the bourse to change that classification, saying it had undertaken a broad range of measures to improve its financial position, including debt restructuring, share consolidation, and a revision of its business plan.

The bourse said on Tuesday that AirAsia had met the conditions for "waiver and upliftment" from the PN17 classification.

Separately, AirAsia X posted a nearly 78% drop in its quarterly attributable profit to 5.6 million ringgit ($1.20 million). ($1 = 4.6780 ringgit) - Reuters

AirAsia X , AAX , Regularisation plan , PN17 , Airline

   

Next In Business News

Bank Negara: SMEs need to swiftly integrate ESG practices into business operations
TM's 3Q net profit declines to RM465.03mil
KLK FY24 net profit declines 29.2% to RM590.96mil
IJM Land breaks ground on new aparthotel at Royal Mint Gardens
Sunway expects better performance from all its business segments
MBSB posts higher 3Q net profit of RM122.08mil
Leong Hup reports higher net profit in 3Q24
Ringgit weakens after Trump announces new tariffs on Mexico, Canada
WCT posts 3Q net profit of RM173.22mil
Guan Chong 3Q24 net profit up 68.7% to RM57.2mil

Others Also Read