By Emmanuel Samarathisa
AIRASIA X Bhd (AAX) has postponed releasing its fourth-quarter results for the year ended Dec 31 (4Q19) from Feb 20 to Feb 27, as well as the customary investors’ briefing, according to a memo sighted by FocusM. Listed companies with a December year-end have until Feb 28 to report their full-year results.
The discount long-haul carrier did not specify why it sought the postponement. But the “revised schedule” sees results being released on the same day as the government’s economic stimulus package to mitigate any impact brought about by the Covid-19 outbreak.
It is also understood that there would be no postponement to short-haul affiliate AirAsia Group Bhd (AAGB) 4Q results release as well as the investors’ briefing, which would also coincide with that of AAX on Feb 27.
AAX saw its cumulative losses widen to RM393.67 mil for the nine months to Sept 30, 2019, from a loss of RM213.43 mil for the same period last year.
AAGB, on the other hand, had seen cumulative profits narrow to RM80.71 mil from RM2.41 bil for the same period under review.
Both companies are now subjects of multiple inquiries by Malaysian enforcement agencies after European airframer Airbus SE admitted to bribing executives from AAGB and AAX as a reward for an order of 135 planes, as revealed by British prosecutors from the Serious Fraud Office (SFO).
SFO said Airbus paid US$50 mil (RM205 mil) in sponsorship to a sports team jointly owned by the two AirAsia executives. These were among the details Airbus divulged to authorities as part of a US$4 bil settlement.
While these executives were not named, AirAsia founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun had been implicated due to their past ownership of the now-defunct Caterham Formula One team.
Fernandes and Kamarudin stepped down from their executive posts on Feb 3 for two months to make way for investigations. But they remain on the board as non-executive directors as well as controlling shareholders of both companies.
AAX opened 4.35% higher at 12 sen while AAGB opened 1.68% lower at RM1.17. – Feb 21, 2020