MALAYSIA Airlines said on Wednesday it sunk back into the red in the third quarter, blaming losses on its fuel-hedging positions.
In the three months to September, the airline posted a net loss of RM299.6 million (S$122.7 million) compared with a net profit of RM38.1 million a year earlier.
That included fuel hedging losses of RM202 million for the quarter.
'The outlook for the fourth quarter 2009 continues to be challenging,
' the national carrier said.
'There is an early sign of improvement in passenger and cargo traffic, partly stimulated by intensive marketing campaigns but yields remain under pressure.' Malaysia Airlines has had a turbulent year, with a second-quarter profit of RM876 million due to fuel price hedging gains, but losses of RM695 million in the first quarter due to weaker demand and overcapacity.
It said its operating loss for the third quarter narrowed to RM73 million from a loss of RM421 million in the second quarter, helped by an improved load factor.
Source : NST
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