Malaysia Airlines falls into the red in 3Q2013 as intensifying competition puts pressure on yield

Malaysia Airlines revenue up 13% - financial highlights for three months ended 30-Sep-2013:

• Operating revenue: MYR3783 million (USD1168 million), +13.2% year-on-year;
• Operating costs: MYR3854 million (USD1190 million), +16.1%;
• EBITDA: MYR52.4 million (USD16.2 million), -65.9%;
• Net profit (loss): (MYR375.4 million) (USD115.9 million), compared to a profit of MYR37.1 million (USD11.4 million) in p-c-p;
• Total assets: MYR22,825 million (USD7047 million);
• Cash and bank balances: MYR5443 million (USD1681 million);
• Total liabilities: MYR18,466 million (USD5701 million). [more - original PR]

*Based on the average conversion rate at USD1 = MYR3.239

Malaysia Airlines Group: "Over the months of July, August and September, we saw traffic increase 37%, far exceeding the 20% increase in capacity. This contributed to a 13% increase in operating revenue to RM3.8 billion. However intensifying competition and new competitors with additional capacity in the market has put pressure on pricing, which affected yield," Ahmad Jauhari, CEO. Source: Company statement, 18-Nov-2013.