Malaysia Airlines posts second-quarter $74.4 million net loss

Malaysia Airlines posts second-quarter $74.4 million net loss

   Malaysia Airlines said higher fuel costs resulted in a net loss of 367.7 million ringgit ($97 million) for the second quarter ended Sept. 30.

   In the second quarter 2004, the Kuala Lumpur-based airline posted an after tax profit of 132.7 million ringgit ($35 million).

   Fuel costs during the second quarter rose 45 percent to 1.2 billion ringgit ($318 million) from 839 million ringgit in the year earlier quarter. The airline also attributed its quarterly net loss to increased staff costs, handling and landing fees, aircraft and maintenance and overhaul charges.

   The airline’s revenue increased 9.4 percent to 3 billion ringgit ($804 million) from 2.8 billion ringgit a year ago. Revenue from Malaysia Airlines’ cargo unit MASKargo during the second quarter increased 2 percent to 581.2 million ringgit ($154 million).

   For the year to date, Malaysia Airlines posted a net loss of 648.4 million ringgit ($172 million) after revenue of 5.8 billion ringgit ($1.5 billion).