Sing Yew 1 Report post Posted January 12, 2006 This is the 3rd Installment of the MAS-Sive Series: Starting with MAS-Sive Move then MAS-Sive Sale and now MAS-Sive Loss. MALAYSIA PRESS: Malaysian Air To Have MYR1B Loss In FY05 KUALA LUMPUR (Dow Jones)--Malaysian Airline System Bhd. (3786.KU) suffered a MYR1 billion loss in the financial year ended Dec. 31, and will incur another MYR1.2 billion of losses in 2006, the New Straits Times says, citing company officials. The paper also reports the airline has come up with a turnaround plan focused on improving cash-flow, generating positive returns and getting its people to be more efficient. In the first two financial quarters of the year ended Dec. 31, Malaysian Air suffered total losses of MYR648.4 million. Due to a change in its financial year-end to Dec. 31 from March 31, the airline will only have three quarters in the financial year ended Dec. 31. Results for the final quarter of the financial year ended Dec. 31 will be reported by Feb. 28. "Further revisions will be made before the final plan is presented to the prime minister," an unnamed airline official is quoted as saying. The airline's newly-appointed managing director, Idris Jala, had previously said the turnaround plan will be presented to the government - which owns 69% of Malaysian Air - in February. Under the plan, Malaysian Air will sell assets to raise MYR1.6 billion to MYR1.8 billion,, and enhance revenue by MYR500 million to MYR1 billion through price management, fuel surcharges and other marketing efforts. Some MYR350 million to MYR680 million of cost cuts are also planned, the paper says. Newspaper Web site: http://www.nst.com.my -Kuala Lumpur bureau, Dow Jones Newswires; 603-2692-5254; djnews.kl@dowjones.com I hope the next installment will be in the likes of MAS-Sive Turnaround. Share this post Link to post Share on other sites
