Malaysia Airlines chairman: the carrier is 'still not out of the woods'
Malaysia Airlines released (22-Apr-2013) its 2012 annual report outlining its operations, corporate responsibility and sustainability, and milestones for 2012. Group CEO Ahmad Jauhari Yahya stated the carrier expects to "attain operational profitability by the end of 2014" as part of a three year business plan to turn the carrier around. According to the Group CEO, Malaysia has "completed one year of this journey, and the result has been to finally achieve profitability in Quarter 3 of 2012, after 6 consecutive Quarters of loss. We made a larger operating profit in Quarter 4, 2012, and managed to reduce the full year financial loss substantially to MYR430.74 million (USD141 million)." Malaysia's chairman Tan Sri Md Nor Yusof stated the carrier is "still not out of the woods" with Malaysia facing "twin challenges in firstly, to return the Group to recovery and a sustainable future, and secondly, to restore strength in our balance sheet to support and sponsor future growth". [more - original PR]