AirAsia X (D7, Kuala Lumpur International) has exited PN17 status. According to a Bursa Malaysia filing on November 21, the low-cost long-haul carrier will no longer be operating under the stock exchange's stepped-up supervision regime, effective from the start of business on November 22.
One month ago, the Malaysian bourse declined to lift AirAsia X's PN17 status, a notice it issues to listed entities in financial distress, instructing them to organise their finances and formulate a regularisation plan or risk delisting. It gave a PN17 notice to the carrier in October 2021 after a disclaimer of opinion by auditors Ernst and Young in the financial statements.
AirAsia X recently appealed the Bursa Malaysia decision. The November 21 filing says the stock exchange was persuaded to lift status after the carrier announced an after-tax profit attributable to the equity holders of AirAsia X in its latest quarterly results. The airline recorded a third-quarter MYR5.6 million ringgit (USD1.2 million) net profit against revenues of MYR648.4 million (USD138.4 million).
"Substantial efforts were dedicated to this very result," AirAsia X's chairman, Mahmood Fawzy, said about the Bursa decision. "AirAsia X was a PN17 company for more than two years, and colossal efforts were made; we completed a debt restructuring exercise amid a global lockdown. Moving forward, we are very excited about the new opportunities this upliftment will present to the company."
AirAsia X has now recorded five consecutive quarterly profits. The carrier's cash balance stood at MYR119.6 million (USD25.5 million) as of September 30, a 2% improvement on the second quarter figure. In the same three months, shareholders' equity increased by 6% to MYR102.5 million (USD21.9 million).
AirAsia X intends to increase the number of operational A330-300s in the fleet to 17 by the end of the year. The airline now flies to 20 airports from its Kuala Lumpur hub and provides over 110 weekly flights.
