MAS Announces Worst Quarterly Loss Of RM443 Million
Malaysia Airlines continue to face a net loss in their revenue, with big impact from the disappearance of MH370.
By Mei Mei Chu — 16 May 2014, 05:13 PM — Updated over 10 years ago
The Disappearance Of MH370 Has Dramatically Impacted Malaysia Airlines' Ailing Revenue, Leading To Its Biggest Quarterly Loss Since 2011
The Disappearance Of MH370 Has Dramatically Impacted Malaysia Airlines' Ailing Revenue, Leading To MAS' Biggest Quarterly Loss Since 2011
Image via blogspot.comMalaysian Airlines on Thursday reported its biggest quarterly loss in over two years, hit by a sharp drop in passenger traffic after what it called the "dramatic impact" of the unexplained disappearance of flight MH370 in March.
themalaysianinsider.com
MAS Posted A Net Loss Of RM443 Million For The Three Months Ending On 31 March 2014, Compared To A RM279 Million Loss Of The Same Quarter In 2013
The state-controlled airline said it posted a net loss of RM443mil ($137mil) for the three months ending March 31, compared to a RM279mil loss in the same quarter in 2013.
thestar.com.myThis Is MAS' Fifth Straight Quarterly Loss
The result was the airline's fifth straight quarterly loss and also the worst since the fourth quarter of 2011, when it recorded a net loss of RM1.28bil.
thestar.com.myIt's the carrier's worst quarterly loss since October-December 2011. MAS has lost money for the last three years, beset by high costs and stiff competition.
themalaysianinsider.com
MAS Has Lost A Combined Of RM4.2 Billion Over The Past Three Calendar Years
The debacle over the missing plane has compounded the problems faced by MAS, which had already lost a combined $1.3bil (RM4.2 billion) over the past three calendar years as it founders in the face of intense industry competition.
thestar.com.myAnalysts say it faces a continued grim outlook in coming years unless it is forced to undergo aggressive reform, which has been resisted by powerful employee unions and other vested interests.
thestar.com.myThe carrier has undertaken a series of "turnaround" plans over the years, but each has failed to stem the tide of red ink blamed by analysts on poor management, a bloated work force, powerful unions, and industry competition.
thestar.com.myThe MH370 Incident Has Caused High Cancellation Rate In MAS And A Decline In Long-Haul Travel
The results were made worse with the impact on air travel in general following the disappearance of MH370," said group chief executive Ahmad Jauhari Yahya. "Operations were slowed for several weeks since early March when MH370 disappeared. "Marketing activities were halted out of respect for the families of those on board the Beijing-bound Boeing 777 aircraft."
thestar.com.my"The tragic MH370 incident had a dramatic impact on the traditionally weak first quarter performance," the company said in a statement to the Malaysia stock exchange on Thursday. It said it saw high numbers of cancellations and a decline in long-haul travel after flight MH370 went missing on March 8.
themalaysianinsider.com
Sales in China slumped 60% in March, MAS said. The majority of the passengers travelling on flight MH370 were Chinese.
themalaysianinsider.com
MAS CEO Ahmad Jauhari Yahya Says A Thorough Review Of The Airlines' Business Plan Is Being Undertaken To Ensure The Company's Sustainability
MAS CEO Ahmad Jauhari Yahya Says A Thorough Review Of The Airlines' Business Plan Is Being Undertaken To Ensure The Company's Sustainability.
Image via mole.myIn a statement on Wednesday, the airline said "a thorough review of the business plan is being undertaken and all avenues are being explored to ensure the long-term sustainability of the company."
thestar.com.my“While the search for MH370 continues today more than two months since it disappeared, our group needs to accelerate efforts to improve its revenue stream and better manage our high costs which have increased in line with greater capacity,” MAS Group Chief Executive Officer Ahmad Jauhari Yahya said today.
abnxcess.com
“This need has become even more urgent for Malaysia Airlines’ future survival and sustainability in a market that is not showing any signs of letting up on competition,” he said in a statement to announce the national carrier’s first quarter financial results.
abnxcess.com
On The Other Hand, Acting Transport Minister Hishammuddin Hussein Told Reporters That The Malaysian Government Will Not Be Offering Any Assistance To MAS
Acting Transport Minister Hishammuddin Hussein Told Reporters That The Malaysian Government Will Not Be Offering Any Assistance To MAS.
Image via themalaysiantimes.com.myThe government will not bail out Malaysia Airlines (MAS) acting Transport Minister Datuk Seri Hishammuddin Hussein said today as the flag carrier sunk deeper into the red following the mysterious disappearance of its jetliner two months ago.
themalaymailonline.com
“Is the Malaysian government offering an assistance to MAS? No,” Hishammuddin told a news conference on Flight MH370, missing since March 8.
themalaymailonline.com
Prime Minister Najib Also Says Bankruptcy Might Be An Option To Restructure The National Flag Carrier After Years Of Losses And Conflicts
Prime Minister Najib Also Says Bankruptcy Might Be An Option To Restructure The National Flag Carrier After Years Of Losses And Conflicts.
Image via yimg.comDatuk Seri Najib Razak has said that it might be too late to save Malaysia Airlines (MAS) in its current form, as the national flag carrier struggles to stay afloat following the disappearance of flight MH370.
In an interview with the The Wall Street Journal (WSJ) published yesterday, the prime minister said that bankruptcy might be among several options as a way to restructure the national flag carrier, after years of losses and bitter conflicts with its labour unions.
themalaysianinsider.com
“We have to look at it from all angles, bearing in mind that Malaysia Airlines is a government-linked company. It's not a private company, so there are certain repercussions in what you want to do in terms of how it is received by the employees and the general public,” Najib told WSJ.
themalaysianinsider.com