Malaysia Airlines revenue down 14.5%, bounces back into the black in 4Q2009

Malaysia Airlines revenue down 14.5% - financial/traffic highlights:

• Three months ended 31-Dec-2009:
  • Operating revenue: USD946.6 million, -14.5% year-on-year;
  • Operating cost: USD972.1 million, -13.0%;
    • Fuel: 313.5 million, -26.9%;
    • Labour: USD154.1 million, +6.4%;
  • Operating profit: USD1.1 million, -94.3%;
  • Profit before tax^: USD167.3 million, +1,041%;
  • Net profit: USD179.6 million, +1,210%;
  • Passenger numbers: 3.4 million, +13.3%;
  • Load factor: 76.5%, +11.2 ppts;
  • Passenger revenue per ASK#: USD 4.38 cents, -6%;
  • Passenger yield per RPK: USD 5.47 cents, -25%;
  • Cargo revenue per FTK+: USD 18.2 cents, +4%;
  • Cargo yield per FTK+: USD 24.5 cents, -8%;
• 12 months ended 31-Dec-2009:
  • Operating revenue: USD3,326 million, -24.8%;
  • Operating cost: USD3,589 million, -19.7%;
    • Fuel: USD1,029 million, -46.5%;
  • Operating profit (loss): (USD184.8 million), compared to a profit of USD89.9 million in the previous corresponding period;
  • Profit before tax: USD135.9 million, +74.6%;
  • Net profit: USD145.0 million, +100.7%;
  • Passenger traffic: +12%;
  • Load factor: 68.8%, +0.9 ppt;
  • Revenue per ASK: USD 4.9 cents, n/a;
  • Yield: USD 7.1 cents, n/a. [more]

*Based on the conversion rate at USD1 = MYR3.40
^Includes derivative gains of USD171.1 million from fuel hedging contracts
#Excludes Firefly and MASwings
+Includes cargo fuel surcharge

Malaysia Airlines: "The outlook for the first quarter of 2010 continues to be challenging. While passenger and cargo traffic continue to improve, yield would remain under pressure…for 2010, the operating profit target for the Group is MYR100 million - MYR325 million," Company statement. Source: Malaysia Airlines, 22-Feb-2010.