July 8, 2020 / 3:55 AM / a month ago

AirAsia in trading halt after auditor notes 'going concern' doubts

SYDNEY, July 8 (Reuters) - Shares in Malaysia’s AirAsia Group Bhd were halted on Wednesday after its auditor said there were material uncertainties that cast doubt on the budget carrier’s ability to continue as a going concern.

In an unqualified audit opinion on the airline’s earnings results for 2019 issued late on Tuesday, Ernst & Young PLT said the financial statements were prepared on a going concern basis - which is dependent upon a recovery from the COVID-19 pandemic and the success of fund raising efforts.

AirAsia on Monday posted a 803.3 million ringgit ($188 million) loss for the three months ending March 31, its biggest first-quarter loss since its listing in November 2004.

$1 = 4.2750 ringgit Reporting by Jamie Freed; Editing by Edwina Gibbs

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