Malaysia Airlines posts Q2 net loss of $98m
Kuala Lumpur, August 28, 2014
Malaysia Airlines on Thursday reported another financial loss and warned of poor second-half earnings, as passenger bookings tumbled in response to the loss of two aircraft in separate disasters this year.
In a statement to the stock exchange, Malaysian Airline System said its second-quarter net loss swelled to MYR307.04 million ($97.55 million) from a net loss of MYR175.9 million in the same period a year earlier.
The result was an improvement from the net loss of MYR443 million reported in the first quarter.
The April-June earnings are the first to fully reflect the impact on sales of the unexplained disappearance of Flight MH370 in March.
Malaysia Airlines is set to be taken private by its majority shareholder, state fund Khazanah Nasional Bhd, in a move to revamp its business, devastated this year by MH370's loss and the shooting down of Flight MH17 over Ukraine in July. Details of the restructuring are expected on Friday. – Reuters