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 fundraising 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.
