Malaysia Airlines Posts USD150 Million Loss in 3Q
http://dervishcom.blogspot.com/2011/11/malaysia-airlines-posts-usd150-million.html
State-owned Malaysia Airlines says it will slash unprofitable routes after suffering a 478 million ringgit ($150 million) net loss in the third quarter.
The carrier blamed the poor result on high fuel prices and foreign exchange losses on borrowings. The loss marks a reversal from a profit of 233 million ringgit ($73 million) in the July-September quarter of last year.
Revenue increased five percent year-on-year to 3.6 billion ringgit ($1.1 billion). Malaysia Airlines said in a statement Tuesday it expects fourth quarter results to be weaker.
It said it plans to withdraw loss-making routes and possibly embark on new routes focusing on Asia, but said those initiatives would only show results next year.
The carrier blamed the poor result on high fuel prices and foreign exchange losses on borrowings. The loss marks a reversal from a profit of 233 million ringgit ($73 million) in the July-September quarter of last year.
Revenue increased five percent year-on-year to 3.6 billion ringgit ($1.1 billion). Malaysia Airlines said in a statement Tuesday it expects fourth quarter results to be weaker.
It said it plans to withdraw loss-making routes and possibly embark on new routes focusing on Asia, but said those initiatives would only show results next year.
