Malaysia Airlines reports loss, predicts recovery

KUALA LUMPUR, Malaysia — Malaysia Airlines said Wednesday it is on track to become profitable by the end of next year because its business turnaround plan has gained momentum.

The airline nevertheless reported a second straight quarterly loss for the three months through June. The quarterly net loss of 175.2 million ringgit ($53 million) was largely due to foreign exchange fluctuations and was lower than a loss of 349 million ringgit ($106 million) a year earlier.

Operating revenue rose 12 percent to 3.6 billion ringgit ($1.1 billion).

For the first half of 2013, the company’s net loss decreased 12.7 percent from the previous year to 454 million ringgit ($138 million).

Chief executive Ahmad Jauhari Yahya said the company is on track to “build sustainable profit hopefully by the end of 2014.”

The airline will announce plans later this year to purchase new planes as it will have to retire more than 40 old aircraft, he said.

More in Herald Business Journal

Snohomish County’s campaign to land the 797 takes off

Executive Dave Somers announced the formation of a task force to urge Boeing to build the plane here.

A decade after the recession, pain and fear linger

No matter how good things are now, it’s impossible to forget how the collapse affected people.

Panel: Motorcycle industry in deep trouble and needs help

They have failed to increase sales by making new riders out of women, minorities and millennials.

Costco rises as results display big-box retailer’s resiliency

Their model has worked in the face of heightened competition from online, brick-and-mortar peers.

For modern women, 98-year-old rejection letters still sting

In a stark new video, female Boeing engineers break the silence about past inopportunity.

Tax reform needs the public’s input on spending priorities

The GOP tax plan is a good idea, but the next step should give us a voice on how taxes are spent.

Commentary: GM, Boeing fight a war of words over Mars

Boeing is strongly signaling how crucial deep-space exploration is to its future.

Under cloud of ethics probes, Airbus CEO Enders to step down

He leaves in 2019 after 14 years. Meanwhile, aircraft division CEO Fabrice Bregier leaves in February.

$4.99 sandwich promotion irks some Subway business owners

Management insists that “most franchisees support the promotion.”

Most Read