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BRIEF-AirAsia Clarifies On Audit Report

Published 07/09/2020, 09:59 AM
Updated 07/09/2020, 10:00 AM
© Reuters.
CAPI
-

July 9 (Reuters) - Airasia Group Bhd AIRA.KL :
* CLARIFIES ON AUDIT REPORT
* GOT INDICATIONS FROM SOME FINANCIAL INSTITUTIONS TO
SUPPORT
REQUEST FOR FUNDING, AMOUNTING TO MORE THAN RM1.0 BILLION
* FINANCIAL STATEMENTS PREPARED ON GOING CONCERN BASIS, AS
BOARD
IS CONFIDENT OF SUCCESSFUL CONTINUATION OF BUSINESS
* PRESENTED WITH PROPOSALS INCLUDING DEBT OR EQUITY & IN
ONGOING
DISCUSSIONS WITH NUMEROUS PARTIES
* IN PHILIPPINES, APPLIED FOR GOVERNMENT GUARANTEED LOAN
UNDER THE
PHILIPPINE ECONOMIC STIMULUS ACT WITH EXPECTED POSITIVE OUTCOME
* EMBARKED ON HEADCOUNT RATIONALISATION, INTERNAL
COST-CUTTING
INCLUDE GROUP-WIDE TEMPORARY SALARY REDUCTION OF BETWEEN 15% -
75%.
* EXPECT AT LEAST 50% REDUCTION IN CASH EXPENSES IN 2020
* PHILIPPINE & INDONESIA ENTITIES ARE CURRENTLY IN VARIOUS
STAGES
OF BANK LOAN APPLICATIONS
* OF THE RM1.0 BILLION DEBT FUNDING, SOME PORTION WOULD BE
ELIGIBLE FOR GOVERNMENT GUARANTEE LOAN IN MALAYSIA
* RECEIVED DEFERRALS FROM SUPPORTIVE LESSORS AND WORKING ON
FURTHER EXTENSIONS
* POSITIVE TRENDS IN FLIGHT BOOKINGS & LOAD FACTORS ARE
ADDITIONAL
SIGNALS OF BETTER SECOND HALF OF YEAR
* IN JUNE, GROUP-WIDE LOAD FACTOR WAS 60% WITH AIRASIA
MALAYSIA'S
LOAD FACTOR REACHING 65%
* SEES JULY LOAD FACTOR OF 70%

Source: https:// company coverage: AIRA.KL

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