Malaysia Airlines falls into the red in 1Q2011

Malaysia Airlines revenue down 3% - financial highlights for the three months ended 31-Mar-2011:

• Revenue: USD1048 million, -3.2% year-on-year;
• Costs: USD1136 million, +14.9%;
  • Fuel: USD436.7 million, +31.8%;
• Operating profit (loss): (USD87.6 million), compared with a profit of USD95.1 million in p-c-p;
• Net profit (loss): (USD79.4 million), compared with a profit of USD101.7 million in p-c-p;
• Passenger numbers: 3.2 million, +2.3%;
• Passenger load factor: 76%, +1.2 ppt;
• Yield: USD 7.45 cents, -2.2%;
• Revenue per ASK: USD 5.68 cents, -0.6%;
• Cost per ASK excl fuel: USD 5.12 cents, -6%;
• Cargo traffic (FTKs): -8.2%;
• Cargo load factor: 68.5%, -9.1 ppts;
• Cargo yield: USD 26.58 cents, +2%;
• Cargo revenue per ATK: USD 18.37 cents, -10%;
• Total assets: USD4177 million, +2.4% when compared with the period ended 31-Dec-2010;
• Cash and cash equivalents: USD578.6 million, -15.4% when compared with the period ended 31-Dec-2010;
• Total liabilities: USD3087 million, +5.8% when compared with the period ended 31-Dec-2010. [more]

* Based on the conversion rate USD1 = MYR3.04792

Malaysia Airlines: "We will not change our profitability targets and will work on adapting our strategies to ensure that the targets are met as best as possible, given the tough operating environment we are in," Tengku Dato Sri Azmil Zahruddin, Managing Director and Chief Executive Officer. Source: Malaysia Airlines, 25-May-2011.