Malaysia Air announces 2Q 2011 report

Malaysia Airlines Group recently announced a net loss of RM 527 million for the second quarter of 2011 (2Q2011), impacted by higher fuel costs that offset yield and Revenue Available Seat Kilometer (RASK), higher than the same quarter for 2010 (2Q2010).

The Group’s total revenues for 2Q2011 increased to RM 3.485 billion, 8% more than 2Q2010 (RM 3.213 billion), while passenger revenue registered a 9% growth of RM 2.086 billion, compared to RM 1.912 billion for 2Q2010.

The airline’s aggressive and consistent cost control measures also yielded positive results, with a 2% reduction in non-fuel related expenses for 2Q2011, compared to the same quarter for 2010.

Fuel costs, however, continued to have the greatest impact on the group’s operations, increasing by 41% from RM 1.102 billion for 2Q2010, to RM 1.550 billion for 2Q2011. The Board of Malaysia Airlines does not anticipate making a profit for the 2nd half of 2011, although the anticipated losses will not be as severe as the first half of 2011. <Korea Shipping Gazette>