Taiwan's TransAsia Airways will suspend all flights tomorrow, Taiwan's Civil Aeronautics Administration (CAA) confirmed Monday afternoon.

The Taipei-based carrier suddenly decided to ground all domestic and international flights on November 22 without any notification, which may face a punishment of NT$600,000 to NT$3 million, the authority said.

"They informed us suddenly they will suspend flights tomorrow," Fang Chih-wen, deputy director general of the CAA, told local media on Monday. "We will continue to watch further developments."

TransAsia said in a statement it would be holding an unscheduled board meeting on Tuesday.

The airline issued an apology to customers for the flight suspension and said it would fully compensate them for any losses.

TransAsia posted a net loss of NT$951 million, three times higher than the NT$301 million loss from the previous corresponding period. It has been loss-making in three consecutive quarters, with its business badly impacted since its two turboprop crashes in the last two years.

TransAsia's low-cost subsidiary V Air ended all flight operations on October 1, 2016, as the airline had accumulated net losses of more than NT$1.1 billion since it began operations in December 2014.

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