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Malaysia Airlines plans fleet renewal

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Airline increased full-year loss in 2013

Malaysia Airlines is expecting government approval for a fleet renewal and profitability plan based around a multi-billion dollar order for up to 100 Airbus and Boeing aircraft, anonymous sources close to the airline tell Reuters.

A fourth straight quarterly loss hit Malaysia Airlines, it revealed this week, increasing its full-year loss by almost three times over from a year ago. And harder times lie ahead, it warned.

It posted a net loss of 343 million ringgit (€75.5 million) for the three months to the end of December. That compares to a 51.4 million ringgit profit for the same quarter a year before. Full-year losses stood at 1.17 billion ringgit, up from the 433 million ringgit loss in 2012.

The airline blamed a declining Malaysian currency and higher operating and finance costs for the result.

The airline warned that the business environment would remain challenging in 2014 due to high fuel prices, tough competition and volatile foreign exchange.

AAP

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