AirAsia X Bhd (AAX) posted a net loss of RM11.94 million for the second quarter ended Dec 31, 2021 (Q2 FY2022) on the back of revenue of RM119.31 million.
There is no comparative financial information available for the preceding year’s corresponding period as the group’s financial year has been changed from Dec 31, 2020 to June 30, 2021.
No dividends were declared, approved or paid during the quarter under review, the long haul, low-cost airline said in a filing with Bursa Malaysia.
“In the three months to December 2021, the company earned RM119.4 million in revenue from cargo and charter operations, an increase of RM48.5 million or 68% over the previous quarter, and an increase of RM112.0 million over the same quarter of 2020, when only RM7.4 million of revenue was earned.
“This substantial increase in revenue is reflective of a new focus on growing the cargo business of the company, a strategy which will be combined with the carriage of passengers to ensure that all routes operated are profitable on an ongoing basis,” it said.
AAX said a total of three aircraft had operated during the quarter.
“As more aircraft are progressively brought back into service, cargo and charter revenues are expected to continue growing, and will be supplemented by revenue from passenger sales when markets reopen,” it said.
On matters relating to the debt restructuring and corporate restructuring of the company, it said significant progress had been made in the quarter.
It noted that the High Court had approved its proposed debt restructuring on Dec 16, 2021.
“The proposed debt restructuring will take effect upon lodgment of the sanction order with the Registrar of Companies, expected to take place in the coming weeks,” it said.
AAX, which reported a group net loss of RM33.69 million for the 18-month financial period to June 30, 2021, became a Practice Note 17 issuer in October last year after its external auditors expressed a disclaimer of opinion in the company’s audited financial statements for the 18-month period.
The airline continued to be in the red in the first financial quarter ended Sept 30, 2021, reporting a net loss of RM149.14 million.
At the close yesterday, AAX shares rose 3.88% to 54 sen with 865,900 shares changing hands.