Malaysia Airlines reports 3rd consecutive quarterly profit
The Associated Press
Published: May 28, 2007
KUALA LUMPUR, Malaysia: Flagship carrier operator Malaysian Airline System Bhd. reported its third straight quarterly profit Monday and significantly raised its full-year earnings forecast, thanks to higher operating revenue and passenger yields.
The airline reported a net profit of 132.7 million ringgit (US$39 million; €29 million) for the quarter ended March 31, a turnaround from a loss of 321 million ringgit in the same quarter of 2006.
Total revenue increased to 3.64 billion ringgit (US$1.1 billion; €820 million) from 3.02 billion in the same quarter last year, the airline said.
Malaysia Airlines said in a statement it now expects a full-year net profit of between 300 million ringgit (US$88 million; €65 million) and 700 million ringgit (US$206 million; €153 million), much higher than an earlier forecast of 50 million ringgit ($15 million; €11 million).
Financial returns have improved after the airline dropped unprofitable routes and introduced cost cutting measures last year. The airline started a three-year restructuring, including layoffs of up to 6,000 people, to return it to sustained profitability.
The Associated Press
Published: May 28, 2007
KUALA LUMPUR, Malaysia: Flagship carrier operator Malaysian Airline System Bhd. reported its third straight quarterly profit Monday and significantly raised its full-year earnings forecast, thanks to higher operating revenue and passenger yields.
The airline reported a net profit of 132.7 million ringgit (US$39 million; €29 million) for the quarter ended March 31, a turnaround from a loss of 321 million ringgit in the same quarter of 2006.
Total revenue increased to 3.64 billion ringgit (US$1.1 billion; €820 million) from 3.02 billion in the same quarter last year, the airline said.
Malaysia Airlines said in a statement it now expects a full-year net profit of between 300 million ringgit (US$88 million; €65 million) and 700 million ringgit (US$206 million; €153 million), much higher than an earlier forecast of 50 million ringgit ($15 million; €11 million).
Financial returns have improved after the airline dropped unprofitable routes and introduced cost cutting measures last year. The airline started a three-year restructuring, including layoffs of up to 6,000 people, to return it to sustained profitability.
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