Malaysia Airlines doubles FY loss

By AAP

The latest results mark the sixth straight quarterly loss for Malaysia Airlines (MAS), which has struggled to stay competitive and is now in dire financial straits following MH370 and the July 18 shooting down over Ukraine of flight MH17, which killed all 298 aboard that plane. "The impact of the MH370 incident and intensified competition resulted in" a 6. 7 per cent drop in bookings, it said in a statement to the Malaysian stock exchange.

But the airline - which is in the process of being taken over by Malaysia's state investment fund as part of a bid to restructure and rescue the company - warned that second-half results will be even worse. "The full financial impact of the double tragedies of MH370 and MH17 is expected to hit Malaysia Airlines in the second half of the year, where we saw a sharp decline in average weekly bookings by 33 per cent immediately after the MH17 incident, with numerous flights cancelled," it said.

Read more here: Business Spectator

    

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