Malaysia Airlines delays Q2 earnings announcement to Aug 28

by **Cals** Wed 20 Aug 2014, 00:48

Business & Markets 2014

Written by Reuters

Tuesday, 19 August 2014 16:23

KUALA LUMPUR (Aug 19): Malaysia Airlines (MAS), the loss-making carrier reeling from two separate aircraft disasters this year, has postponed publication of second-quarter earnings from Wednesday until Aug. 28, a company official told Reuters on Tuesday.

The official didn't disclose a reason for the delay. MAS will confirm the new date for disclosure of what investors expect to be a large loss with a notice on its website by Wednesday, the official from the corporate communications team said.

MAS is set to be taken private by its majority shareholder, state investment fund Khazanah Nasional, as it readies a restructuring package, expected to be announced by the end of August. Khazanah owns over 69 percent of MAS.

The second-quarter earnings will likely be the carrier's last set of results as a listed company. The results will reflect the lingering impact of the unexplained March 8 disappearance of Flight MH370, which weighed heavily when the carrier reported a hefty first-quarter loss.

The airline suffered a second disaster with the loss of Flight MH17, shot down over Ukraine on July 17.

Sales slumped following each incident, scuppering earlier plans to return to profitability in 2014. The airline is instead expected to register its fourth consecutive year of annual losses this year.

Khazanah announced its plan to buy out the shares it does not already own in Malaysia's flag carrier and de-list the firm earlier in August. The fund plans to overhaul the airline by cutting back on less profitable routes, trimming a bloated payroll and installing new management.