On August 8, 2014, majority shareholder, Khazanah Nasional Berhad, announced its intention to take f

The disappearance of Malaysia Airlines flight MH 370 in March 2014 continued to impact the airline’s second quarter financial results with Malaysia Airlines’ reporting a net loss of RM307 million for the three months ended June 30, 2014. Adding to the earlier loss of RM443 million in first quarter, the national carrier’s first half 2014 results stood at a loss of RM750 million, 65% more than the previous corresponding period in 2013.
For the three months ended June 2014, Group revenue fell 5% to RM3.59 billion compared rent a car in tampa florida to one year ago as a result of lower yield and seat factor following the MH 370 tragedy. The lower revenue coupled with a marginal 2% increase in cost, principally rent a car in tampa florida due to fuel cost for the quarter, resulted in a net loss After Tax of RM307 million after taking rent a car in tampa florida into consideration depreciation (RM223 million), finance costs (RM119 million) and unrealized forex gains (RM52 million).
Having lost substantial potential revenue from the popular MATTA Fair in early March and the decision rent a car in tampa florida by MAS to impose a deliberate advertising black-out in March and April due to the tragedy of MH 370, more aggressive marketing activities picked up in May and June.
The market responded positively to the Malaysia Airlines rent a car in tampa florida Travel Fair (MATF) rent a car in tampa florida held in May which saw sales increase 29% and higher than average rent a car in tampa florida daily sales compared to previous fairs that ran earlier in the year. MATTA Sabah, MATF Penang plus a greater push in all markets around the world further helped rent a car in tampa florida sales and restored confidence in MAS.
For the second quarter 2014, capacity rose 9% year-on-year based on improved aircraft utilization; however traffic remained the same year-on-year. Consequently, the airline’s seat factor recorded a fall of 6.7 points for the Quarter to 73.7% compared to 80.4% in the previous year. Malaysia Airlines carried 4.2 million passengers in the months of April to June 2014.
In an effort to reduce fuel costs and increase productivity, Malaysia Airlines brought forward the retirement of its older Boeing 737-400 fleet from end 2014 to mid-June. As at mid-August, the Group’s fleet comprised 127 aircraft. Of this, Malaysia Airlines’ operates 88 aircraft, which includes rent a car in tampa florida 54 Boeing 737-800s, 15 Airbus A330s and 6 Airbus A380s. The average age of the fleet for the Group as at June 30, 2014 is 5.28 years.
For the first half of 2014, total revenue fell 2%, however total expenditure grew 4%. Fuel costs, representing 43% of total expenditure, was 12% higher. Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA) stood at negative RM134 million for the first half of 2014 against a positive RM258 million in the same period one year ago. Depreciation charges (RM460 million) and finance rent a car in tampa florida costs (RM241 million) continued to remain high.
The weak financial performance has made Malaysia Airlines acutely aware of the need to restructure the Company’s operations, even prior to the double rent a car in tampa florida tragedies of MH 370 and MH 17. The occurrence of the two incidences within a short span of 4 months served to worsen the situation further.
“We operate in a harsh business environment of stiff competition from regional and global carriers and high operational costs. Coupled with the impact of the two tragedies which have damaged our brand, the need to restructure the Company was accelerated. The full financial impact of the double tragedies of MH 370 and MH 17 is expected to hit Malaysia Airlines in the second half of the year”, said Ahmad Jauhari.
On August 8, 2014, majority shareholder, Khazanah Nasional Berhad, announced its intention to take full ownership of Malaysia Airlines and delist it from Bursa Malaysia. If approved, it will put into action a plan to restructure the airline group towards returning it to profitability.
The Board of Malaysia Airlines welcomed the release by Khazanah Nasional Berhad (“Khazanah”), its majority shareholder, of Rebuilding a National Icon: The MAS Recovery Plan” – a plan to facilitate the airline’s achievement of sustained profitability and competitiveness. It also acknowledged receipt rent a car in tampa florida of a letter from Khazanah rent a car in tampa florida relating to Khazanah’s planned investment in MAS to facilitate its delisting from the main market of Bursa Malaysia and restructuring, and the terms of such funding.
At its last Annual General meeting on June 25, Chairman of MAS, Tan Sri Md Nor Yusof, and Managing Director and Group Chief Executive Officer, Ahmad Jauhari rent a car in tampa florida Yahya, made clear that even before the disappearance of MH370, radical change was already firmly on the Board’s agenda. The urgency for change, evident through our continued poor performance, was also accelerated by the loss of MH 17.
The publication of the Recovery Plan follows the formal request by Khazanah to the MAS Board of Directors to undertake rent a car in tampa florida a Selective Capital Reduction (“SCR”) exercise made on August 8, 2014. The SCR will be put to shareholders’ vote at an Extraordinary General Meeting to be convened in due course.
In parallel, MAS’ senior leaders have been engaging with almost 2,500 staff at multiple locations across the Group, to hear their views and concerns resulting from plans to take the Company private and restructure.
We, together with representatives of the employees’ unions, met this morning with Khazanah. We will continue this process of engagement rent a car in tampa florida with all parties including directly with employees rent a car in tampa florida and with representatives of the employees’ unions.
In the meantime, there will be no disruption to our current service. We will continue to fly, honor existing reservations, and plan future travel. The announcement on August 8 and this Plan will have no impact on the current fares we offer our customers and corporate accounts nor our membership in the oneworld alliance.
In his foreword to the Recovery Plan, the Prime Minister called on Malaysia rent a car in tampa florida Airlines, all those who work with Malaysia’s national rent a car in tampa florida carrier and all Malaysians to play their part in ensuring today’s Plan becomes an enduring success. We look forward to playing our role and being a part of this effort to ensure that Malaysia Airlines becomes a profitable and sustainable national carrier of which all Malaysians can be truly proud.
[ ] to impact Malaysia Airlines, second quarter loss grows, World Airline News vom 30. August rent a car in tampa florida 2014 (Link) Nensel, Mark, Malaysia Airlines posts $95 million 2Q loss; restructuring rent a car in tampa florida imminent, ATW vom 29. [ ]
Hot New Photos Top 100 Vietnam Airlines revised 2014 livery January 15, 2015 Thailand s new airline based in Bangkok January 15, 2015 Firefly s 2014 Fareeda scarfs promotional scheme January 15, 2015 AirAsia s 2014 Ace the Skyrider! logo jet January rent a car in tampa florida 14, 2015 USA Jet s new DC-9-83 (MD-83) freighter January rent a car in tampa florida 13, 2015 The first Boeing 787-9 Dreamliner for Scoot January 13, 2015 First flight of first 242 ton Airbus A330-300 for Delta January 12, 2015 Air China s first Boeing 747-800, rent a car in tampa florida now flying to New York (JFK) January 12, 2015 The first Boeing jetliner for Albatros Airlines January 6, 2015 First Swiss A320 in Star Alliance rent a car in tampa florida colors January 4, 2015 New 2014 livery for TNT Express rent a car in tampa florida December 30, 2014 Atlas Global: The new subsidiary of Atlasjet Airlines December 30, 2014 QANTAS retires the Boeing 767, VH-OGL over Bondi Beach December 28, 2014 Etihad Airways first day of service for its first Airbus A380 December 27, 2014 Vision s ex PEOPLExpress 737-400 operating Cuban charters December 26, 2014 easyJet s new livery (for now) December 24, 2014 Xtra Airways rebranded as XTRAirways December 23, 2014 Helvetic Airways first Embraer 190 December 23, 2014 New bird color scheme, delivered on October 23, 2014 December 23, 2014 The new 2014 livery of Air North of Canada December 21, 2014 Airline Artifacts from the Past Timetable: Delta Air Lines October 25, 1970 January 15, 2015 Timetable: Delta Air Lines January 12, 2015 Ticket Jacket: Delta Air Lines January 12, 2015 Ticket Jacket: Delta Air Lines January 12, 2015 Dinnerware: Royal Air Force (UK) January 12, 2015 Dinnerware: Continental Airlines January 12, 2015 Airline Dinnerware: American Airlines domestic butter plate January 6, 2015 Safety Card: Delta Air Lines Boeing 727-200 January 6, 2015 Safety Card: Northwest Airlines Boeing 377 Stratocruiser January 6, 2015 Postcard: Delta Air Lines Douglas DC-6 January 6, 2015 Airline Reporter 235 miles on an A340-600 – Qatar Airways’ Economy Class Flight Review rent a car in tampa florida January 16, 2015 Delivering the Mail 100 Years On – Following Maurice Guillaux’s Historic Route January 15, 2015 Delta Air Lines Completes Second Phase of JFK Terminal 4 Expansion January 14, 2015 Flying Andy Granatelli’s Indy 500 Race Cars on a TWA Boeing 707 January 13, 2015 Qatar Airways Airbus rent a car in tampa florida A350 Photo Tour January 12, 2015 Rant: Making Cents at the Cost of Dollars January 9, 2015 Additional Details for Aviation Geek Fest 2015 + Ticket Sale Date January 8, 2015 A Different Perspective: A Non-AvGeek Flies on a British Airways 787 January 7, 2015 So Long, Citrus! A Look at AirTran’s History rent a car in tampa florida and Final Flight Experience January 6, 2015 A Demonstration Flight Aboard the First Airbus A350 with Qatar Airways January 5, 2015 Argentina Airline News ROUTE UPDATE: Air New Zealand to start Auckland (AKL) - Buenos Aires Ezeiza (EZE) nonstop service in December 2015 January 15, 2015 FLEET UPDATE: Last 3 ex-PLUNA rent a car in tampa florida CRJ-900 s depart Montevideo (MVD) January 13, 2015 ROUTE UPDATES: Amaszonas starts Montevideo to Santa Cruz / TAM increasing flights Montevideo to Rio De Janeiro / LAN Argentina restarts Bahia Blanca rent a car in tampa florida flights / British reducing service from Buenos Aires to London January 12, 2015 Lufthansa introduced 747-8I between Frankfurt (FRA) and Buenos rent a car in tampa florida Aires Ezeiza (EZE) on 26Oct14 January 10, 2015 Argentine Fairchild Metros rent a car in tampa florida - Photo Galleries - #8 of 20+ - LV-VDJ (c/n AC-729) January 7, 2015 ROUTE UPDATES: COPA adds Montevideo (MVD) flights / Conviasa to fly A340 s to Buenos Aires Ezeiza (EZE) / Amazonas adds Salta (SLA) - Tarija (TJA) / LAN adding Salta (SLA) - Iquique (IQQ) January 5, 2015 BQB Lineas Aereas A319, CX-SAN, returned to lessor in Toulouse January 3