MAS reports net loss

Dino D'Amore
By Dino D'Amore November 19, 2013 17:20

MAS reports net loss

Malaysian Airline System (MAS) has reported a net loss of RM375.4 million in the third quarter ended September 30 compared with a profit of RM37.1 million a year ago. Operating revenue rose 13% to RM3.7 billion from the previous year due to increase in load factor and passenger volumes.

The loss is due to higher operating expenses, including rising finance costs that nearly tripled to RM121.2 million from a year ago. MAS lost a RM86.1 million charge in unrealised foreign exchange loss and RM4.7 million gain in fair value change of derivatives and other exceptional items, its core loss stood at RM277.5 million.

“The Group is also closely monitoring the impact on operational costs of the weakening ringgit against the US dollar, and seeking ways to manage expenditure increases in line with the growth in capacity and revenue generation,” MAS said in a statement.

Dino D'Amore
By Dino D'Amore November 19, 2013 17:20
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