Highlight MAS 4Q net loss at RM343m, full-year net loss widens to RM1.17b
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Highlight MAS 4Q net loss at RM343m, full-year net loss widens to RM1.17b
Highlight MAS 4Q net loss at RM343m, full-year net loss widens to RM1.17b |
Business & Markets 2014 |
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
Tuesday, 18 February 2014 19:14 |
KUALA LUMPUR (Feb 18): Malaysian Airline System Bhd (MAS) reported a net loss of RM343.44 million for its fourth quarter ended December 31, 2013 (4QFY13), a significant reversal from its net profit of RM51.37 million a year earlier.
Revenue rose to RM3.897 billion from RM3.866 billion, according to MAS' statement to the exchange today.
Cumulatively, MAS said net loss widened to RM1.17 billion for the full year, from a net loss of RM432.59 million a year earlier. Revenue, however, rose to RM15.12 billion from RM13.76 billion.
The group attributed its poor performance in 4QFY13 to lower passenger yield despite capacity and seat factor growth. The lower yield was due to intensified competition from new domestic and regional airlines.
“Capacity had increased by 19% and seat factor by 4.3 percentage points to 81.6%, however, intensified competition resulted in lower yield by 16%,” it said.
MAS said operating expenditure was also higher by 7% due to higher capacity.
According to MAS' income statement, higher depreciation, amortisation and impairment at RM172.67 million, and unrealised foreign exchange (forex) loss of RM16.89 million had further contributed to its net loss.
The company had made a forex gain of RM69.47 million a year earlier.
During 4QFY13, MAS' finance cost rose to RM105.14 million from RM78.01 million.
For the full year, the group said operating expenditure was up by 10% due to higher fuel cost and a weaker ringgit against the US dollar. Non-fuel costs increased 9%.
Going forward, MAS expects a challenging business environment of high fuel prices, forex volatility and heated competition from both existing and new players.
“The significant increase in capacity, especially the continued expansion of Middle Eastern and European carriers into our region, is adding further competition to the already crowded market place,” said MAS.
MAS said it planned to intensify efforts to reduce structural costs, strived to improve operational efficiency and revenue, while leveraging on its Oneworld and code-share partners to widen its network.
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