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Thai AirAsia’s parent company “Asia Aviation” posted a loss of Bt1.37 billion ($42.7 million) in the first quarter of 2020, contrasts to an operating profit of Bt1.12 billion for the same quarter last year.
Net loss for the first quarter was just over Bt671 million, reversing the Bt497 million net profit made last year.
The company disclosed the losses in the document filed to the Stock Exchange of Thailand which says, the losses were attributed to coronavirus pandemic, resulting cancellation of many flights until further notice.
Thai AirAsia suspended international flights from 22 March until 31 May, and halted domestic flights between 1 April and 30 April.
Asia Aviation added that its consolidated total current liabilities have exceeded its consolidated total current assets by a significant amount.
The company said to implement cost cutting measures to better manage its liquidity.