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

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Shares in Malaysia's AirAsia Group Bhd were halted today 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, Ernst & Young PLT said the financial statements were prepared on a going concern basis, which is dependent upon recovery from the Covid-19 pandemic and the success of fundraising efforts. In response, the airline said in a statement that Malaysia's stock exchange had granted it 12 months relief from being classified as a financially distressed firm - a classification that would require it to submit a business improvement plan. Malaysia has also extended the relief to other companies who may face a hit to business from the pandemic. Like airlines around the world, AirAsia has been hit hard by the …