|Loss-making Malaysian carrier bleeds more red ink
Struggling carrier Malaysia Airlines said it recorded its fourth straight quarterly loss in the last three months of 2013.
The airline reported a net loss of 343 million ringgit (US$104 million) for the quarter ending December 31, compared with a 51.4 million gain in the fourth quarter in 2012.
For the full year, the carrier chalked up 1.17 billion ringgit in losses, almost three times as much as in 2012, when it lost 433 million ringgit amid an aggressive cost-cutting campaign.
It said the 2013 fourth quarter losses were due to the ringgit depreciating, unrealized foreign exchange losses and finance costs.
Revenue for the quarter inched up less than 1 percent to 3.9 billion ringgit.
For the full year 2013, revenue was 15.1 billion ringgit, up 10 percent from 2012 as the number of passengers increased almost 30 percent.
But expenditure also increased 10 percent to 14.9 billion ringgit year-on-year amid high fuel prices.
“Within this growing market place, Malaysia Airlines had to expand capacity in order to remain relevant as a key player'', said Malaysia Airlines Group Chief Executive Officer Ahmad Jauhari Yahya.
“The full year performance of making a bigger loss in 2013 compared to 2012 demonstrates the challenges brought on by intensifying competition leading to lower yields for all players.''