Malaysia's AirAsia X posts record quarterly loss, eighth in a row

Malaysian long-haul budget airline AirAsia X reported a record loss for the first three months of the year and its eighth quarterly loss in a row as the coronavirus pandemic devastated demand for air travel. The airline, an affiliate of AirAsia Group, on Thursday reported a net loss of 5.67b ringgit ($1.37b) in January-March, more than 10 times the loss of 549.7m ringgit seen in the same period last year. The loss was primarily attributable to the impairment of assets, it said. Revenue for the quarter fell 95.8% to 38.5m ringgit. AirAsia said it has assessed the recoverability of its assets in light of the COVID-19 pandemic and its restructuring process, and impaired those assets by 5.28b ringgit. The airline has been looking to reconstitute 64.15b in debt, and said the asset impairment does not impact the restructuring. "Appropriate accounting entries will be made on a successful restructuring that will reflect more appropriately the assets and liabilities based on the final agreed restructuring terms," it said.<br/>