Tuesday May 23, 2006

Malaysia Airlines to chop 6000 under MYR 600m scheme

sg.biz.yahoo.com :

Malaysia Airlines will launch a 600 million ringgit (USD $166 million) scheme to lay off some 6,000 employees as part of a plan to haul the ailing carrier out of the red. The Star newspaper said Malaysia Airlines will reduce its 23,000 workforce by a quarter under the voluntary separation scheme which is believed to be the largest ever announced in the country's corporate sector.

Under the turnaround plan, announced in March after the airline posted a 1.3 billion ringgit annual loss for 2005, it will surrender all but 19 major domestic routes to lowcost carrier AirAsia. The troubled carrier also plans to cut out unprofitable international routes and sell off its landmark headquarters in the heart of Kuala Lumpur. Malaysia Airlines has blamed its losses on crippling fuel prices and lower load factors but hopes to be back in the black by 2007.

(2006-05-23 12:33:54 SGT) [Biz] Permalink

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