PETALING JAYA: AirAsia X Bhd (AAX) has reported a quarterly net loss of RM24.63bil in the April 1 to June 30 quarter on the back of RM72.26mil in quarterly revenue.

       “During the quarter ended June 30, the company has suffered from the full impact of the Covid-19 pandemic and with the suspension of scheduled flight operations since April 2020, and the parking of the majority of the aircraft fleet, the performance indicators for the business are not meaningful,” AAX said in the note to its financial results.

       AAX also said that the tabular presentation of revenue and cost metrics in the quarter is therefore also not included in its financial statements, as there is no like-for-like comparison to the same quarter of 2020.

       Its financial statements under the auditors’ report portion said that it also planned to make an application for a government guaranteed loan of up to RM500mil under the Danajamin Prihatin Guarantee Scheme (DPGS).

       “This application is subject to the credit assessment, final evaluation and approval from the relevant financial institutions.

       “At present, the company is in discussion with a financial institution to secure the DPGS loan,” it said.

       “The plans are formulated with an aim to achieve an organised and systematic resolution to address the group’s and the company’s current financial conditions.

       “The validity of the going concern assumption of the group and the company is dependent on the ability to gradually resume scheduled flight operations on a staggered basis starting early 2021 and their ability to return to profitability,” it added.

       This would require the successful implementation of management’s plans to obtain the continued support from the aircraft lessors, maintenance service providers and financial institutions, it said.