Malaysia Airlines (MAS) has posted a net loss of MYR478 million (US$150 million) for the third quarter of 2011. The national carrier actually saw revenue increase 5% year-on-year in the three-month period to MYR3.57 billion, but high fuel costs and foreign exchange losses meant that MAS remains in the red. The airline’s cumulative net loss for 2011 now stands at MYR1.25 billion, having posted a MYR312 million loss in Q1 and a MYR412 million deficit in Q2.
“Despite being a challenging quarter, Management has been quick to address the situation to stem the losses. These pro-active initiatives have helped improve our operating loss substantially,” said the airline’s Group Chief Executive Officer, Ahmad Jauhari Yahya.
MAS said it expected the Q4 operating environment to be “challenging”, with jet fuel prices remaining high and the economic situation in Europe affecting bookings for its long-haul flights. As a result, the airline admitted that it expects the fourth quarter operational results to be weaker than Q3.