|(Flight MH370) Loss-making Malaysian carrier takes another hit
Malaysia Airlines, which was rocked Saturday by the presumed crash of one of its planes, has long been a respected name in regional aviation, enjoying an enviable safety record.
Flight MH370, a Boeing 777-200 from Kuala Lumpur to Beijing disappeared in the early hours of Saturday morning. The incident will be a major blow to the airline, which has struggled to stave off massive losses.
Malaysia Airlines booked a net loss of 1.17 billion ringgit (US$356 million), nearly tripling the airlines 2012s net loss of 432.6 million ringgit.
Malaysian Airlines flies about 37,000 passengers daily to 80 destinations across Asia, and to Europe and the United States. It operates more than 250 flights a day.
The carrier has suffered few incidents in its history and has a solid safety record.
Its worst accident came in 1977, when a hijacking and subsequent crash in southern Malaysia killed 93 passengers and seven crew.
The airline has a fleet of 88 aircraft including Boeing 747-400s, Boeing 777-200s and Airbus A380-800s.
Malaysia Airlines has drawn derision from some observers and analysts with its announcement of a series of “recovery'' plans aimed at steering it back into the black over the years. None has succeeded.
Analysts also blame poor management, government interference, a bloated workforce, and powerful, change-resistant unions for preventing the airline from remaining competitive.—AFP