29 Feb '12, 3pm

MAS losses soar to RM2.5b - By Lee Wei Lian (TMI)

By Lee Wei Lian The Malaysian Insider Feb 29, 2012 PETALING JAYA, Feb 29 — Malaysia Airlines recorded a stunning net loss of RM2.52 billion for 2011 and the company is now in “crisis”, the national flag carrier said today. The carrier also confirmed that the losses for the 2011 financial year were the largest in its history. The airline reported a massive net loss of RM1.28 billion in the fourth quarter, which was about as much as the first three quarters combined. “The company is in crisis,” said Malaysia Airlines (MAS) CEO Ahmad Jauhari Yahya in a statement. Ahmad said that the losses were due to higher expenses including a 25 per cent increase in fuel expenses and a 50 per cent increase in non-fuel expenses. The company’s cash reserves more than halved to RM1 billion at the end of last year from RM2.1 billion at the end of 2010 and net assets plunged from RM3.5 billion ...

Full article: http://blog.limkitsiang.com/2012/02/29/mas-losses-soar-to...

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