Views Article – Sharenet Wealth

Asia, News

AirAsia Group Posts Qtrly Loss Attributable Of 803.8 Million RGT

July 6 (Reuters) – Airasia Group Bhd:

* 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: Further company coverage: (Reuters.Briefs@thomsonreuters.com)


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