Malaysia Airlines reports heavy losses in 2011

Malaysia Airlines revenue up 1% - financial highlights:

• Three months ended 31-Dec-2011:
  • Operating revenue: USD1206 million, +0.6% year-on-year;
  • Operating costs: USD1670 million, +40.6%
  • Costs: USD1667 million,
  • Operating profit (loss): (USD441.1 million), compared to a profit of USD38.6 million in p-c-p;
  • Net profit (loss): (USD426.6 million), compared to a profit of USD75.5 million in p-c-p;
  • Passenger traffic (RPKs): -6%;
  • Passenger load factor: 72.5%;
• 12 months ended 31-Dec-2011:
  • Total revenue: USD4643 million, +2% year-on-year;
    • MRO and ancillary: USD600.5 million, -18%;
  • Costs: USD5410 million, +21%;
    • Fuel: USD1953 million, +33%;
    • Labour: USD776.6 million, +7%;
  • Operating profit (loss): (USD766.9 million), compared to a profit of USD58.8 million in p-c-p;
  • Net profit (loss): (USD845.7 million), compared to a profit of USD73.5 million in p-c-p;
  • Passenger traffic (RPKs): +5%;
  • Passenger load factor: 75.0%, -1.0 ppt;
  • Passenger revenue per ASK: USD 6.18 cents, +2%;
  • Passenger yield: USD 8.25 cents, +4%;
  • Cargo traffic (FTKs): -16%;
  • Cargo load factor: 69.2%, -5.4 ppts;
  • Cargo revenue per ATK: USD 19.34 cents, -5%;
  • Cargo yield: USD 27.96 cents, +2%;
  • Total assets: USD4175 million, +0.2%;
  • Cash: USD338.7 million, -51%;
  • Total liabilities: USD3822 million, +28%. [more - original PR]

*Based on the conversion rate at USD1 = MYR2.994

Malaysia Airlines: "The outlook for 2012 remains challenging for the global aviation sector with both passenger and cargo segments expected to remain weak coupled with rising fuel costs." Source: Company statement, 29-Feb-2012.

Malaysia Airlines: "The Results make for unpleasant reading. The Company is in crisis. The Board and I remain confident that we now have a team and Business Plan in place that will bring the necessary sacrifices to ensure a turnaround and recovery," Tan Sri Md Nor Md Yusof, chairman. Source: Company statement, 29-Feb-2012.