Tuesday May 30, 2006 
Tuesday May 30, 2006
Malaysia Airlines reports 1Q2006 net loss of US$88.34m
Malaysia Airlines posted a first-quarter net loss of 321.12 million ringgit (US$88.34 million), adding to the red ink which has forced it to embark on a major turn around plan. The beleaguered airline chalked up substantial losses of some 1.0 billion ringgit for the whole of the last financial year. The first quarter net loss, against a profit of 111.27 million ringgit a year ago, was mainly due to a 35 percent jump in fuel costs.
The national carrier is attempting to restructure its operations and in a crisis plan announced in March said it will surrender all but 19 major domestic routes to budget carrier AirAsia and cut out unprofitable international routes. Last week, it announced it will spend up to 850 million ringgit to lay off some 3,000 to 5,000 employees in a voluntary separation scheme.
See also :
1. Malaysia Airlines to chop 6000 under MYR 600m scheme
2. Malaysia Airlines hikes fuel surcharge (again)
(2006-05-30 06:57:09 SGT)
[Biz]
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