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.

Post a Comment:

Comments are closed for this entry.

« Casino lights, burni... | Main | Flat-panel TVs face... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004