Jul 8, 2020

Coronavirus: Budget airline AirAsia's future in ‘significant doubt’

The future of Asia's biggest budget airline AirAsia is in "Significant doubt", auditor Ernst & Young has said. The airline's founder and chief executive is tycoon Tony Fernandes, who also co-owns Queens Park Rangers football club in the UK. The world's airlines have been hit hard by the sharp fall in passengers due to strict coronavirus travel restrictions. This slump and AirAsia's financial performance "Indicate existence of material uncertainties that may cast significant doubt on the Group's and the Company's ability to continue as a going concern," Ernst & Young said in its unqualified audit opinion statement. On Monday, AirAsia reported a record quarterly loss of 803.8m ringgit. The budget airline started suspending flights in late March.

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