AirAsia X reported a net operating loss of RM11.9 million on the back of RM119 million in revenue in the three months to December 2021.
Revenue was mostly attributed to cargo and charter operations seeing an increase of RM48.5 million or 68% over the previous quarter, and an increase of RM112 million over the same quarter of 2020 when only RM7.4 million of revenue was earned. AirAsia X says the substantial increase in revenue is reflective of a new focus on growing the cargo business, a strategy that will be combined with the carriage of passengers to ensure that all routes operated are profitable on an ongoing basis.
A total of three aircraft were operating during the quarter to December 2021 and, as more aircraft are progressively brought back into service, cargo and charter revenues are expected to continue growing, and will be supplemented by revenue from passenger sales when markets reopen.
For matters relating to the debt restructuring and corporate restructuring of the Company significant progress has been made in the quarter. Upon completion of the scheme, the planned fundraising exercise will commence. It said the revenue earned from cargo and charter operations is an important source of liquidity for the airlines and will continue to grow.
The aim of the fundraising exercise will be to raise sufficient new capital which, in combination with revenues earned from operations, will ensure that the Company has sufficient liquidity to meet its financial obligations.
