AirAsia takes RM320mil hit due to Japan unit bankruptcy

KUALA LUMPUR: AirAsia Group Bhd said it has suffered a RM320mil hit arising from the closure of its associate company in Japan.

AirAsia Japan Co Ltd has commenced its bankruptcy proceedings as ordered by the court on Feb 24.

"As a result of the bankruptcy proceedings, the company has recognised a loss of US$74.1mil (RM299.3mil) in the second half of 2020 due to financial assistance in the form of inter-company transactions and loans being written off as these amounts were deemed to be irrecoverable," the group said in a filing with Bursa Malaysia today.

"The company also incurred US$5.18mil (RM20.9mil) in the fourth quarter of 2020 and first quarter of 2021 for expenses related to the aircraft de-registration to move three aircraft from Japan to Malaysia," it added.

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