AAX gets time till April 2023 to submit regularisation plan

AAX gets time till April 2023 to submit regularisation plan
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KUALA LUMPUR (Nov 2): AirAsia X Bhd (AAX) has been granted an extension of time up to April 28, 2023 to submit its regularisation plan to the regulatory authorities.

In a bourse filing on Wednesday (Nov 2), AmInvestment Bank Berhad on behalf of AAX said that Bursa Securities had in a letter dated Nov 1 granted the extension to the long haul low-cost carrier.

The Practice Note 17 company had closed its financial year 2022 (FY22) on a negative note as it slipped back into the red in its fourth quarter ended June 30, 2022 (4QFY22) with a net loss of RM652.52 million.

It was profitable in the preceding quarter (3QFY22), when it made a net profit of RM33.62 billion after writing back a similar amount to profit following the completion of the group's debt restructuring.

The revenue of AirAsia Aviation Group's low-cost long-haul affiliate dropped to RM107.18 million in 4QFY22 from RM113.01 million in 3QFY22.

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