Low-cost provider Nok Airlines stands on the purpose of being delisted from the Stock Exchange of Thailand (SET). This possibility stems from the airline’s failure to enhance its monetary performance and submit its 2022 monetary outcomes inside a given timeframe, as acknowledged by the Thai bourse.
The SET recognized Nok Airlines as a potential candidate for delisting, provided that the company’s equity has remained within the adverse for two consecutive years and it has been unable to rectify the cause leading to a possible delisting. According to the SET’s assertion, the airline has until September 8, 2024, to appropriate this.
Nok Airlines is also under scrutiny for not submitting its monetary statements within the designated period. The bourse has given a deadline of October 2, subsequent yr for the corporate to conform, failing which it may face delisting, reported Bangkok Post.
SET regulations permit listed companies a grace interval of three years to rectify causes for delisting and an additional two years to fulfill the qualifications required to renew trading.
“If the listed company can not eliminate the causes of delisting or repossessing the required qualifications to find a way to resume trading within the specified periods, the SET will think about delisting the securities of the company accordingly.”
On August 31, Nok Airlines knowledgeable the SET a few delay in the submission of its financial statements and those of its subsidiaries for December 31, 2022. The service acknowledged that this delay from August 31 to September 30 of the current year was because of information reconciliation within the stock system software program and the evaluation of the stock balance by the auditor.
The airline explained that it needed extra time to meticulously evaluation the inventory account recording and ensure knowledge accuracy.
As per SET information, Nok Airlines reported a internet loss exceeding 1.4 billion baht in 2021. This was on the heels of the substantial loss of 7.99 billion baht in 2020, as revenue dropped to six.35 billion baht from 6.73 billion baht. The carrier also incurred losses throughout 2017-19, amounting to 1.85, 2.78, and 2.05 billion baht, respectively.
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