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AirAsia in trading halt after auditor notes 'going concern' doubts

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AirAsia in trading halt after auditor notes 'going concern' doubts

 

2020-07-08T040258Z_2_LYNXMPEG6707O_RTROPTP_4_AIRASIA-GROUP-RESULTS.JPG

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

 

SYDNEY (Reuters) - Shares in Malaysia's AirAsia Group Bhd were halted on Wednesday after its auditor said there were material uncertainties that cast doubt on the budget carrier's ability to continue as a going concern.

 

In an unqualified audit opinion on the airline's earnings results for 2019 issued late on Tuesday, Ernst & Young PLT said the financial statements were prepared on a going concern basis - which is dependent upon a recovery from the COVID-19 pandemic and the success of fund raising efforts.

 

AirAsia on Monday posted a 803.3 million ringgit ($188 million) loss for the three months ending March 31, its biggest first-quarter loss since its listing in November 2004.

 

($1 = 4.2750 ringgit)

 

(Reporting by Jamie Freed; Editing by Edwina Gibbs)

 

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-- © Copyright Reuters 2020-07-08
 

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Its reported that trading should resume later today. Circuit breaker protection against big selling from the news.

They clearly have a problem with financing and need to raise more capital which has been known for a while.

Yes, it does not bode well for getting refunds.

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2 minutes ago, bkk6060 said:

Ha.

Anybody invest in the 2999 b unlimited flight scheme they recently put out?

My expereince is they really went down hill the past few years.

I now fly Viet Jet whenever possible always had a positive experience.  They seem to board very early but every flight I have taken has been on time.

 

My refund is not a joking matter, it is a substantial amount as it was a group booking including hotel.

Hence my comment.

  • Haha 1

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51 minutes ago, bkk6060 said:

Ha.

Anybody invest in the 2999 b unlimited flight scheme they recently put out?

My expereince is they really went down hill the past few years.

I now fly Viet Jet whenever possible always had a positive experience.  They seem to board very early but every flight I have taken has been on time.

 

My Wife  was  waffling on about it a few  days ago, planned some trip with a friend, told  her  just dont do it possible  failure of airline.

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Hmm. $188 million loss for three months to March 31st while they were doing full business, as most aircraft weren't grounded until the 28th.

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3 hours ago, bkk6060 said:

Ha.

Anybody invest in the 2999 b unlimited flight scheme they recently put out?

My expereince is they really went down hill the past few years.

I now fly Viet Jet whenever possible always had a positive experience.  They seem to board very early but every flight I have taken has been on time.

 

I am still waiting for a refund on a flight from Viet Jet

120 days now

So my experience is different than yours.

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