Malaysia Airlines reports quarterly loss due to foreign exchange woes
APKUALA LUMPUR -- Malaysia Airlines said Wednesday it is on track to become profitable by the end of next year because its business turnaround plan has gained momentum.
August 22, 2013, 11:33 am TWN
Nevertheless, the airline reported a second straight quarterly loss for the three months through June. The quarterly net loss of 175.2 million ringgit (US$53 million) was largely due to foreign exchange losses and was lower than a loss of 349 million ringgit (US$106 million) in the same period last year.
Operating revenue rose 12 percent to 3.6 billion ringgit (US$1.1 billion).
For the first half of 2013, the company's net loss dropped 12.7 percent to 454 million ringgit (US$138 million).
Chief executive Ahmad Jauhari Yahya said Wednesday that the company is on track to “build sustainable profit hopefully by the end of 2014.”
The airline will announce plans later this year to purchase new planes as it will have to retire more than 40 old aircraft, he said.