Malaysia Airlines aims to cut losses


KUALA LUMPUR (XFNews) - Malaysian Airline System Bhd (MAS) said it aims to reduce its net loss for the year to December 2006 to 620 mln rgt from the 1.27 bln loss booked in the previous fiscal year spanning the nine-month period to December 31, 2005.

The nine-month results represent its fiscal 2005 performance as the company changed its financial yearend to December from March beginning last year.

In a statement to Bursa Malaysia announcing its key performance index, MAS said it is targeting a cash surplus of 1 bln rgt in the current fiscal year and for MASkargo to post a profit of 107 mln rgt compared to initial forecasts of 47 mln.

The airline also said it aims to achieve 80 pct on-time performance for flight schedules and not more than three incidents flight delay per month.

For 2007, the airline said it will focus on improving efficiency and capabilities to realize a net income of 50 mln rgt.

"In 2008, the focus will be on new growth opportunities to realize a net income of 500 mln rgt," it added.

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