MAS Suffers Pre-Tax Loss Of RM238.25 Million In Q1

>> Thursday, May 26, 2011

PETALING JAYA, May 25 (Bernama) -- Fuel hike and a stronger ringgit led the national carrier, Malaysia Airlines Bhd (MAS) to post a pre-tax loss of RM238.25 million for the first quarter ended March 31, 2011 compared with a pre-tax profit of RM320.25 million chalked up in the corresponding period last year.

Revenue decreased to RM3.19 billion, during the period under review, from RM3.30 billion, previously.

"Passenger revenue growth, outstripped by the steep increase in fuel prices and the strengthening ringgit, impacted Malaysia Airlines' first quarter performance for this year," Managing Director and Chief Executive Officer, Tengku Datuk Seri Azmil Zahruddin said.

He said operationally, in comparison for the same quarter for 2010, the national carrier recorded marked improvement in key aspects of its core business, with a 10 per cent increase in traffic, leading to an improved passenger load factor of 76 per cent.

"This has resulted in an overall 10 per cent increase in passenger revenue and includes a significant positive contribution from the high-end business, which registered a revenue increase of 40 per cent," he added.

The non-fuel unit cost downtrend was rigorously maintained and a reduction of six per cent, over first quarter 2010, was recorded for this period.

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