Citation

Jaffar, Nahariah and Johari, Haslin (2021) Aurora: The Pandemic Within. International Journal of Management, Finance and Accounting, 2 (1). pp. 60-72. ISSN 2735-1009

Text 24 - Published Version Restricted to Repository staff only Download (3kB)

Abstract

Aurora Layar Group (Aurora) had been experiencing losses for three consecutive years since 2017. Among factors contributing to these losses were high depreciation due to high capital expenditure and recognition of impairment losses. However, Aurora managed to reduce its losses from RM252 billion in 2017 to RM79.5 billion in 2019. Unfortunately, the Covid-19 pandemic had hammered many industries worldwide including Aurora, in the travel, leisure and hospitality sector. The implication from the restrictions on business operations due to the Covid-19 pandemic on Aurora was evidenced by its reported losses of RM371.3 billion in the first six months to June 2020 during which most of its cruise operations suspended since the start of the Covid-19 pandemic. The reported losses were extremely higher compared to the first six months to June 2019 of RM28.3 billion. While many cruise companies globally fighting for survival, the Deputy CEO of Aurora, Miss Salina Hasan, tendered her resignation. In May 2020, the Chairman and CEO, Tan Sri Salmah Ali, had pledged 60 per cent of her shares in the company as collateral for loans. The decision was made a day after Aurora decided to suspend all payments to creditors.

Item Type:	Article
Uncontrolled Keywords:	Covid-19, Financial Performance, Liquidity, Corporate Governance, Travel, Leisure, Hospitality Sector
Subjects:	P Language and Literature > PS American literature
Divisions:	Faculty of Management (FOM)
Depositing User:	Mr. MUHAMMAD AZRUL MOSRI
Date Deposited:	07 Aug 2024 04:15
Last Modified:	07 Aug 2024 04:15
URII:	http://shdl.mmu.edu.my/id/eprint/12766

Downloads

Edit (login required)