Malaysia Airlines (MH) reported a 2011 fourth-quarter loss of MYRI 1.28 billion ($423 million) and full-year loss of MYRI 2.52 billion.
The losses compare to profits of MYRI 226 million for the year-ago quarter and MYRI 234 million in 2010.
The carrier’s fuel costs increased 33% year over year to MYRI 5.85 billion.
Group revenue for the year increased slightly to MYRI 13.9 billion and passenger numbers increased 1.3 million to 17 million.
CEO Ahmad Jauhari Yahya promised a raft of “strong measures to stop the bleeding.”
The carrier revealed a return-to-profitability plan at the end of the year.
But former Malaysian prime minister Mahathir Mohammad said MH should look to LCC AirAsia for a way ahead. “AirAsia is making plenty of money. They are making profit even though their fares are very low,” he told Bernama, the national news agency. “So there is something MAS can learn from AirAsia in terms of management, cutting down costs and therefore, making a profit.”
The two carriers formed a share swap and collaboration agreement in August.
Article Source : ATW Daily News
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