KUALA LUMPUR: AirAsia X Bhd (AAX) posted a whopping RM33.62bil in net profit in the third quarter ended March 31 (3Q22) as the carrier completed its debt restructuring.
Its revenue for the quarter stood at RM113.01mil.
In a filing with Bursa Malaysia, AAX said its debt restructuring was completed on March 16, which resulted in a write back of provisions and forgiveness of liabilities in the period, amounting to RM33.6bil.
There are no comparative figures for the current quarter due to a change in AAX's financial year-end from Dec 31 to June 30.
In the immediate preceding quarter (2Q22), AAX posted a net loss of RM11.94mil on revenue of RM119.31mil.
In the first nine months to March 31, AAX posted a net profit of RM33.46bil on revenue of RM331.59mil.
AAX said its debt restructuring took effect upon the lodgement of the sanction order with the Registrar of Companies on March 16.
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“The lodgement of the sanction order marks the completion of the debt restructuring process, a fact which is reflected in the financial statements for the quarter where RM33.6bil of provisions made for default under contracts, and liabilities which have been forgiven have been reversed,” it said.
From an operational perspective, AAX said it has continued to operate cargo and charter flights during the quarter under review and generated RM113mil of revenue, a slight reduction of RM3.4mil or 3% over the previous quarter.
“Cargo operations have been adversely impacted by the recent lockdowns imposed in China, and a decline in cargo yields as more capacity comes back online, but the company continues to seek to diversify its cargo customer base to support cargo revenues in the future,” it added.