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BRIEF-AirAsia Group Posts Qtrly Loss Attributable Of 803.8 Million RGT

Published 07/06/2020, 06:31 PM
Updated 07/06/2020, 06:40 PM
© Reuters.
CAPI
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July 6 (Reuters) - Airasia Group Bhd AIRA.KL :
* QTRLY LOSS ATTRIBUTABLE 803.8 MILLION RGT VERSUS PROFIT OF
96.1
MILLION RGT
* QTRLY REVENUE 2.31 BILLION RGT VERSUS 2.73 BILLION RGT
* HAVE SOUGHT PAYMENT DEFERRALS FROM SUPPLIERS AND LENDERS
* RESTRUCTURED MAJOR PORTION OF FUEL HEDGES WITH
COUNTERPARTIES,
STILL IN PROCESS OF RESTRUCTURING REMAINING EXPOSURE
* MEASURES TO MANAGE COSTS INCLUDE MANAGEMENT, SENIOR
EMPLOYEES
SALARY CUTS, RE-NEGOTIATING CONTRACTS & DEFERR NONESSENTIAL
EXPENDITURES
* ONGOING DELIBERATIONS WITH NUMBER OF PARTIES FOR JVS AND
COLLABS
MAY RESULT IN EXTRA THIRD PARTY INVESTMENTS IN SEGMENTS OF GROUP
* MEASURES EXPECTED TO RESULT IN AT LEAST 30% COST REDUCTION
IN
2020, SEES FURTHER COST REDUCTION THAN 30% IN 2020
* CONFIRMED INITIATIVES EXPECTED TO RESULT IN AT LEAST 30%
COST
REDUCTION YOY IN 2020, HOPEFUL OF FURTHER COST REDUCTION THAN
30% IN 2020
* APPLIED FOR BANK LOANS IN OPERATING COUNTRIES TO SHORE UP
LIQUIDITY
* FORESEE WE HAVE SUFFICIENT WORKING CAPITAL TO SUSTAIN THE
BUSINESS OPERATIONS
* PRESENTED WITH PROPOSALS TO RAISE CAPITAL FROM NUMBER OF
INVESTMENT BANKERS, LENDERS & POTENTIAL INVESTORS

Source text for Eikon: company coverage: AIRA.KL

(Reuters.Briefs@thomsonreuters.com)

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