Malaysia Airlines (MAS) has reported its fifth consecutive year of net losses as it continues to restructure following last year's renationalisation.
The carrier saw group net loss for the year ended 31 March double to 835.56 million ringgit ($220 million) from the previous year's 417.42 million ringgit. Turnover fell to 8.5 billion ringgit from 8.95 billion ringgit.
Group operating profit before interest on borrowings, depreciation and amortisation, exceptional items and tax fell to 1.5 billion ringgit from 1.95 billion ringgit.
The heavily indebted national airline has been in financial difficulty for years and was re-acquired by the Malaysian government early last year.
It has since been working on a major restructuring and in January unveiled plans to separate its relatively healthy international arm from loss-making domestic passenger operations.
The revamp, which is still being worked on, will see anew company take over MAS's international and cargo operations, and its Kuala Lumpur stock market listing.
The rump of the airline - its unlisted domestic operations and subsidiary operations - will remain entirely in the hands of the government. MAS also plans to dispose of its catering business.
Source: Flight International
