Concern over AAX cash balance

CEO Justin Giddings said the airport will carry out tests in preparation for receiving its first international flight on Dec 5. AirAsia X will fly in from Kuala Lumpur on that day to begin its twice daily KL-Melbourne-KL flights.

PETALING JAYA: AirAsia X Bhd’s (AAX) cash balance is dropping fast, with nearly 39% of its cash utilised in just nine months, cautioned CIMB Research.

The research house, which has maintained its “reduce” call on the long-haul budget carrier, said AAX needed to undertake a capital-raising exercise to survive.