Malaysia’s AirAsia X posts larger loss as revenue hit by virus curbs

REUTERS/Chaiwat Subprasom

Long-haul carrier AirAsia X Bhd posted on Thursday a wider quarterly loss on reduced revenue, hit by coronavirus travel curbs, and added it was keeping up restructuring efforts key to its ability to raise new funding and survive.

The company reported a net loss of 308.5 million ringgit ($75.32 million) for the quarter that ended in September, up from a net loss of 229.9 million a year earlier.

Revenue dropped 94% to 59.9 million ringgit, it said in a bourse filing.

The arm of AirAsia Group Bhd has taken a hit as air travel ground almost to a halt in the past few months, hit by border curbs to control the spread of COVID-19.

In October, it proposed a major restructuring, seeking to reconstitute $15.3 billion of unsecured debt into a principal amount of 200 million ringgit and waive the rest, in order to avoid liquidation.

This month the airline revised the plan to re-categorise its creditors in a bid to tackle concerns raised by a creditor.

“The implementation of the scheme is currently ongoing and its success is critical to the ability of the Company to raise new funding, either as debt or equity, and to continue as a going concern,” it said in a stock exchange filing.

AirAsia X is in talks with a financial institution to secure a government-guaranteed loan of up to 500 million ringgit, it added.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.