MALAYSIA. National carrier Malaysia Airlines has posted a MYR1.3 billion (US$350 million) loss for the nine months ended December 2005, blaming high fuel costs and a slight reduction in load factor.
The nine months to December represent the fiscal 2005 performance, as the company changed its financial year-end to December from March as from 2005.
The airline has announced a three-year turnaround plan to cost cuts and to cope better with fuel price rises. Unprofitable routes will be axed with the aim of achieving profits of MYR500 million in 2008.
The huge loss comes after a MYR216.90 million profit posted in the 12 months to March 2005.
Fuel was the single largest cost for the carrier, with average prices rising by +25%.
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