Route cuts put Malaysia Airlines back in black
KUALA LUMPUR (AFP) - Struggling flag carrier Malaysia Airlines said on Tuesday that it has swung back to a profit after six straight quarterly losses as the slashing of unprofitable routes helped cut costs.
The airline recorded a RM$37.08 million (S$14.84 million) net profit for its third quarter ending Sept 30, compared to a RM$477.6 million loss in the same period a year earlier, it said.
"We are very encouraged by the improved trend in our financial performance in this third quarter especially after six quarters of loss," chief executive Ahmad Jauhari Yahya said in a statement.
"Our focus remains to increase revenue and manage our costs ... Although the journey ahead is long, with focus, we will succeed."