Business

Malaysia Airlines Q3 net loss at RM477.6m

KUALA LUMPUR, Nov 22 — Malaysia Airlines System Bhd swung to a third-quarter net loss of RM477.6 million from a profit of RM233.2 million a year ago, due to higher fuel costs and an unrealised foreign-exchange loss.

Revenue was 4.9 per cent higher at RM3.6 billion from a year earlier, it said in a stock exchange filing.

The airline said its fourth-quarter operational results would be worse than the third quarter as high fuel prices and a weak economic outlook in Europe hurt its business.

“Management is embarking on a significant network rationalisation exercise to withdraw structurally weak, loss-making routes, and to possibly embark on new higher-yielding routes focusing on Asia,” it said in a statement.

“We expect the full impact of these initiatives to begin bearing fruit in 2012.” — Reuters

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