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| Sunday, 14 March 2004 |
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| News Business Features Editorial
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Malaysia Airlines posts a Group operating profit of RM 146.3 m Malaysia Airlines is firmly back to profitability with third-quarter figures announced today. At this point in the final quarter, the management expects the momentum to continue, bringing into sight a positive outcome by the end of the financial year.Malaysia Airlines has posted a Group operating profit of RM146.3 million for the third quarter ended 31 December 2003, an increase of RM94.3 million over the same period last year. This strong third quarter performance has contributed positively towards eradicating the SARS associated losses suffered in the first quarter. International traffic continued its steady recovery in the third quarter with particularly strong growth in Asia. This welcome situation has been aided by an improving world economy, especially in the US, Japan and Europe. During the third quarter, the airline carried 4.1 million passengers, of which 1.974 million were international passengers.Cargo maintained its growth track, uplifting 115,000 tons for the quarter, recording a year-on-year growth of 3%. The company's wholly owned MASKargo, has secured 5th Freedom traffic rights to operate freighter flights beyond Shanghai to the Middle East and onward to Europe. This further enhances MASKargo's already strong position in the fastest growing city in the world. During the quarter, the company completed its sale of 70% shares in wholly owned MAS Catering Sdn. Bhd. recording a gain of RM91.5 million, bringing the Group net profit to RM230.1 million for the quarter. The industry was confronted with yet another challenge during the quarter with the emergence of 'bird flu'. In contrast, however, to the SARS outbreak, this time there is better co-ordination and concerted action by all affected Governments and multinational agencies to ensure proper and transparent monitoring of the threat. Also it is comforting to observe that the travelling public appears to be better informed of the development and the necessary precautions. Dato' Md Nor Yusof, Managing Director, Malaysia Airlines, said today, "These results are most reassuring as they appear to indicate that our recovery plans have withstood the recent disruption and indeed are well on the planned course. Our strong performance here has more than offset the financial setback presented by SARS in the first quarter. Our liquidity position is strong. Now in the second month of the final quarter, the airline has reason to look optimistically to a fine finish for the financial year at 31st March 2004". |
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