Sing Yew

Ang chow ?? What's that ?? Ipoh mali talak sombong sounds like someone's food blog. AK and 3K just announced SIN-PEN.

Yup, checked in online for my flight MH 128 back to KUL a couple of days ago. Works just like any other airlines' online check in facility and you only have to proceed to the bag drop counter at the airport at least 1 hours before to departure.

QF runs up to 30+ flights a day between MEL and SYD on a weekday whilst Virgin Blue goes up to 30 flights as well I think.

SGD 403 return is a bargain. When does school holidays start in June ?

They left Melbourne out.

Fuel is still one of the major culprits. As quoted below and also by CX's Chairman:

Free entry to the Plaza Premium Lounge at the Satellite Terminal if you are a Citibank Platinum Credit Cardmember (Malaysia issued cards). It applies to both Visa and Mastercard.

The Tune Hotel at LCCT is somewhat far from Inti/Lim Kok Wing University Colleges isn't it ?

So can I go into 'shiok sendiri' mode in future if I ever hop aboard one of the leased B737-800 aircraft flying on Y but claim that I was flying J just because the seat next to me was empty ?? Lame. It probably can be considered as deceptive.

A huge portion of CX's losses were due to fuel hedging losses.

No more scheduled flights from Medan (MES) ?

Looks like someone's very happy to be in between 2 girls. Eyes shut no less.

goHoliday is to be renamed to red2go I think.

Far from being a pro BC. Still climbing the steep learning curve. Had a quick look at the Malaysian Accounting Standards Board's website and it seems that FRS 139 - Financial Instruments: Recognition and Measurement which is to be applied alongside FRS 132 will only be made effective from 1 January 2010 onwards. So MAS may not have had to comply with FRS 132 as yet. There was a news article in today's Star newspaper that reported about MAS' potential losses due to hedging costs and if that's really the case, it would potentially reverse all the profits made in the past couple of years: MAS stands to lose RM3bil in hedging costs By YVONNE TAN PETALING JAYA: Malaysia Airlines (MAS) stands to chalk up close to RM3bil in hedging costs over the next two years while its competitor AirAsia Bhd enjoys the benefits of lower crude oil prices, analysts say. An analyst estimated that MAS was currently sitting on a collective paper loss of around RM2.8bil for financial year 2009 and 2010 as a result of its hedging activities. MAS has hedged 64% of its fuel requirements for financial year (FY) ending Dec 31 at US$100 per barrel and 40% of FY10 at US$95 per barrel while crude oil is hovering around US$40 per barrel. The analyst estimates MAS using up to 16 million barrels of crude oil per year. “It is paying higher for crude as it has locked positions at US$100 and US$95 a barrel whereas the current price is only around US$40 a barrel,’’ the analyst said. The national carrier does not book any losses as it does not adopt the mark-to-market practice, which essentially means assigning a value to a position held in a financial instrument based on current market price. Kenanga Research said MAS’ FY09 hedge price was much higher than the figure revealed last year, which was 53% of FY09 crude at US$83 per barrel. “We suspect that the increase in FY09 hedge price could be due to non-linearity and complexity of the hedging instruments involved. As there are more than 80 fuel hedge instruments available in the market, these complicated derivatives when combined might have an adverse effect should spot prices reach a certain threshold,” it said. While analysts have raised concerns about MAS’ pricing ability which could be handicapped by its fuel hedge, they are equally concerned about AirAsia’s associates’ longer term prospects as these continue to gush red ink. However, AirAsia said it is now free of hedging contracts but not without having immense pressure on its profits in the second half of 2008. But going forward, AirAsia is in a better spot as it is paying market prices. AirAsia posted hefty losses of RM425.7mil in its latest quarter from the unwinding of its fuel hedge and interest rate swaps positions, which resulted in its exceptional losses increasing to RM833.4mil for FY08. The low-cost carrier had been buying fuel at spot price since the fourth quarter of last year and would start “on a clean slate” where hedging was concerned, analysts said. Hedges are essentially derivatives which airlines use to lock in a fuel price in advance to protect themselves from price volatility. The airline industry was plagued by record crude prices, which influenced jet fuel prices in the first half of last year. “Airlines entered into their hedging arrangements when it seemed that oil prices would not see their limit and that is why MAS is still paying more than double the current price,” an analyst noted. The global economic crisis has since brought prices well below the forecasts made by airlines when they bought into their respective hedges. http://biz.thestar.com.my/news/story.asp?f...mp;sec=business

Must be really quiet times for MH load wise pre-31st May. Even the Enrich 50% off selected destinations' award redemptions are for travel pre-31st May.

Sale in Advance of Carriage (Liability) fell from RM 1.56 billion (31/12/2007) to RM 1.22 billion (31/12/2008) Not too sure about that.

I hate to be saying this but I do not consider the time-frame of between now and till the end of next year as being short time. It may not necessarily be considered as long term but I think it still shouldn't be considered as short term. Short time would probably be appropriate a term if it's for say 3-6 months.

I think usually the airlines would have to account for the fuel hedging losses as a cost i.e. an expense item for this case, it'd probably be recognised under Fuel Costs. The International Accounting Standards Board's (IASB) issued Standard 132 re Financial Instruments - Presentation. In accordance to the accounting standard, any hedging contracts would be considered as a financial instrument and therefore any interest, dividends, losses and gains relating to a financial instrument or a component that is a financial liability shall be recognised as income or expense in profit or loss. I think the Malaysian Accounting Standards Board has harmonised IASB 132 with FRS 132. Perhaps any accountants/auditors based in Malaysia can confirm that. So if that's the case, those fuel hedging losses would be booked as an expense and thus be reflected in the Profit and Loss (Income Statement).

And here are the Profit and Loss figures for the full year ending 31/12/2008 RM ‘000 Operating Revenue 15,035,303 Operating expenses (15,198,257) Other Operating Income 466,001 Gains on sale of properties 2,410 Profit from operations 305,457 Finance Cost (60,770) Share of results from assoc comps 19,974 Profit before tax 264,661 Taxation (19,086) Profit after Tax 245,575 Operating Profit/Loss by Business Segments RM’000 Airline Operations 295,595 Cargo Services 22,392 Catering Services 1,999 Others 6,652 Total before Eliminations 326,638 Eliminations (21,181) Post Eliminations 305,457 These should tie up with the Profit from Operations figure

Other info worth noting: Profit for the year ending 31/12/2008 was RM 245.7 mil as compared to 31/12/2007’s RM 852.7 mil. Cash and cash equivalents declined by RM 0.86 billion to end year (31/12/2008) with RM 3.57 billion. As at 19/2/2009: Entered into various fuel hedging transactions for periods up to 31/12/2011 in lots totalling 17,350,000 barrel. Yup. Which is something that goes unreported in the news at times. They just see the profits as profits.

The financials: Quarter Ended 31/12/2008 RM ‘000 Operating Revenue 3,764,132 Operating expenses (3,800,197) Other Operating Income 102,304 Gains on sale of properties 13 Profit from operations 66,252 Finance Cost (20,058) Share of results from assoc comps 3,647 Profit before tax 49,841 Taxation (3,219) Profit after Tax 46,662 Operating Profit/Loss by Business Segments RM’000 Airline Operations 93,815 Cargo Services (14,148) Catering Services 610 Others (350) Total before Eliminations 79,927 Eliminations (13,675) Post Eliminations 66,252 - This should tie up with the Profit from Operations figure above

Or you can also head to the Flight Experience in Melbourne. They have one in the city. That would of course cost you money.

Did you grab any of them to head home Azri ?

LOL Priceless. On another note, AirAsia is due to give out free seats again. Midnight 10th Feb (GMT +0800).

Totally agree with you on them all. All my Temptations purchases have yet to be credited with any Enrich miles and when contacting on the phone, apparently it is OUR responsibility to provide the transaction records e.g. receipts and all at your nearest MAS office for them to take copies of it and have them forwarded to the Enrich department. Which is just bizarre. I emailed Enrich numerous times in regards to this and other feedback and to this date I have yet to receive a single reply from them. Perhaps they are just plainly keen on tempting the passengers to make purchases and not keen on awarding miles after all. So, agreed, memang lembap.