KUALA LUMPUR (May 9): AirAsia X Bhd (AAX), the medium-haul, low-cost affiliate of Capital A Bhd, has been granted a further three-month extension of time until July 28 from Bursa Securities to submit its regularisation plan.

The low-cost carrier was previously granted an extension of time until April 28 this year, to submit the regularisation plan to the regulatory authorities.

In a bourse filing on Tuesday (May 9), AmInvestment Bank Bhd on behalf of AAX said that Bursa Securities had in a letter dated May 9, granted a further extension to the carrier.

AAX slipped into PN17 status on Oct 27, 2021, while its sister company Capital A did so on Jan 14, 2022, after accumulating pandemic-led losses, which resulted in negative shareholders equity for both companies.

On Feb 21, AAX posted a net profit of RM153.48 million for the sixth quarter of the financial period ended Dec 31, 2022 (6QFP2022), a six-fold jump quarter-on-quarter from RM25.09 million in 5QFP2022, on the back of record average fare, higher load factor and a sharp rise in passengers carried.

Quarterly revenue more than tripled to RM339.3 million, from RM100.1 million in the quarter prior.

AAX closed two sen or 1.36% higher at RM1.49 on Tuesday, valuing the company at RM618.07 million, while Capital A settled one sen or 1.3% higher at 78 sen, with a market capitalisation of RM3.23 billion.