MAS extends RM500 million loan facility

Malaysia Airlines (MAS) has extended its 500 million ringgit ($147 million) term loan facility with Malaysia's CIMB Bank for an additional five years, and will use the funds as working capital.

The facility was originally extended in early 2007, and was to expire on 30 January 2010, says MAS. The new expiry date is 30 January 2015.

"The board of directors of MAS is of the opinion that the extension of the facility is in the best interest of the company," says Malaysia's flag carrier.

For the three months ending 30 September, MAS had a net loss of 300 million ringgit compared to a net profit of 38 million ringgit in the corresponding period last year. Revenue fell 28% to 2.96 billion ringgit from 4.12 billion ringgit.

Source: Air Transport Intelligence news