AirAsia Group postpones its results for fourth quarter to March end

Malaysian airlines AirAsia Group Bhd has postponed revealing its earnings for the fourth quarter by a month to the end of March.

This comes on the heels of its unit in Japan starting their bankruptcy proceedings. The company recorded a loss of $74.1 billion in the second half of 2020. They also had losses worth $5.2 million because they had to move three of their aircraft from Malaysia to Japan. It is also having negotiations with Airbus that it’s trying to solve. Auditors EY last year also thought about whether the airline can sustain itself after the pandemic. Air Asia is currently one of the biggest customers of Airbus and has ordered 400 planes from the airline making company.

AmInvestment Bank in a research note related to the issue said, “While the prospects for air travel industry and airline have improved significantly following the large-scale rollout of COVID-19 vaccines globally, we are still mindful of the urgent need for airlines, including AirAsia, to recapitalise their balance sheets.”

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More