AAX 5238 pn17 AIRASIA X BERHAD pivots to profit with RM33.6bil write-back in 3Q

 AAX 5238 pn17 AIRASIA X BERHAD pivots to profit with RM33.6bil write-back in 3Q

KUALA LUMPUR (May 30): AirAsia X Bhd (AAX) has reported a net profit of RM33.62 billion for the third quarter ended March 31, 2022 (3QFY22) after writing a similar amount back to profit as the group completed its debt restructuring.

After excluding the provision write-back, AAX booked a loss before interest, tax, depreciation and amortisation of RM6.08 million.

Revenue for the quarter totalled RM113.01 million, according to the group's filing with Bursa Malaysia.

There is no comparative financial information available for the same quarter last year, as the group changed its financial year end from Dec 31 to June 30.

For the immediate preceding quarter (2QFY22), AAX registered a net loss of RM11.94 million on revenue of RM119.31 million.

AAX said the debt restructuring took effect upon 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," the group said.

AAX said that from an operational perspective, the group continued to operate cargo and charter flights during 3QFY22 and generated RM113 million of revenue, a slight reduction of RM3.4 million or 3% over the previous quarter.

"Cargo operations have been adversely impacted by the recent lockdowns imposed in China, and a decline in cargo yields as more capacity comes back online, but the company continues to seek to diversify its cargo customer base to support cargo revenues in the future," said AAX.

For the cumulative nine months ended March 31, 2022, AAX posted a net proft of RM33.46 billion on revenue of RM331.59 million.

AAX shares closed down half a sen or 0.89% to 55.5 sen on Monday (May 30), valuing the group at RM230.22 million. The counter has fallen 14.62% year-to-date.

http://www.theedgemarkets.com/article/airasia-x-posts-rm336-bil-3q-net-profit-thanks-writeback