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 Malaysia Airlines Posts USD$425 Mln Q4 Loss

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PostSubject: Malaysia Airlines Posts USD$425 Mln Q4 Loss   Sun Mar 04, 2012 5:48 am

Malaysia Airlines posted a net loss of MYR1.28 billion Malaysian ringgit (USD$425 million) for the fourth quarter ended December 31.

In the previous year Malaysian made a profit of MYR225.9 million ringgit for the quarter.

The full year result of a net loss of MYR2.52 billion was severely impacted by a 21 percent increase in expenditure over the previous year, the airline said in a filing to the local stock exchange on Wednesday.

Fuel costs increased 33 percent year-on-year, while non-fuel expenses rose 15 percent.

Revenue was up marginally at MYR3.68 billion ringgit, from MYR3.67 billion last year.

Malaysian is finalising plans to strengthen its balance sheet to increase its cash reserves and funding capacity.

Measures "include staff redeployment, increasing productivity and efficiency... and making further route reviews. We are also implementing an aggressive sales and marketing strategy", Ahmad Jauhari Yahya, Malaysian's chief executive said.

(Reuters)

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