22 C
Thursday, April 18, 2024

AirAsia seeks to leave distressed financial status as finances improve

AirAsia X Bhd, the long haul budget carrier, has requested to be delisted from the financially distressed category on Bursa Malaysia. This move comes after the airline reported three consecutive quarters of profit and positive shareholders’ equity.

Additionally, AirAsia X has also urged the exchange to exempt them from submitting a regularisation plan, which was initially due by July 28, and to remove the Practice Note 17 status that was assigned to them by Bursa in 2021.

Like many other airlines in the Asia Pacific region, AirAsia X faced significant challenges due to the Covid-era travel restrictions. However, the company’s financial performance has shown significant improvement since the pandemic, primarily due to its debt recast plan and the recovery in global travel. As a result, the airline’s shares have surged threefold in the current year.

In a statement, Chief Executive Officer Benyamin Ismail mentioned that AirAsia X’s cash position stands at a healthy 192.37 million ringgit, with no outstanding debt, and the company has sufficient working capital to cover the next 12 months, as of March 31.

Next Article

Related Articles

Gold and Oil Surge Expected as GCC Stocks Brace for Pressure Amid Iran-Israel Conflict, Impending Turmoil

Gold and Oil Surge, GCC Stocks Brace for Impact Amid Iran-Israel Conflict Gold prices have surged to unprecedented levels in recent weeks, reaching record highs,...

Touchstone Infotech: Pioneering Innovation in Digital Solutions for Small Businesses

Introduction:In the bustling landscape of startups and small businesses, Touchstone Infotech shines as a beacon of innovation and transformative digital solutions. Founded by Prashant...

Emirates’ Eco-Warrior Endeavor: Global Recognition for Dubai-Based Airline’s Plastic Reduction Initiative

Emirates' Eco-Champion: Global Acclaim for Dubai Airline's Plastic Reduction Initiative Emirates airline's commitment to reducing plastic waste through closed-loop recycling has garnered global recognition, positioning...

UAE Gold Prices Reach New All-Time High, Surging by Dh4.50 per Gram

UAE are advised to stay informed and exercise caution when navigating the gold market, keeping in mind the potential risks and rewards associated with...

Emirates Publishers Association Sheds Light on Emirati Children Book Publishing at 2024 Bologna Children’s Book Fair

Emirates Publishers Association (EPA) played a significant role in highlighting Emirati children's book publishing at the 2024 Bologna Children's Book Fair. Sharjah, 9 April 2024:...

Latest Articles