Malaysian Airline Loses $97.4 Million Dollars in 3 Months

By IAfrica
In Nigeria
Aug 29th, 2014
0 Comments
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The carrier lost $97.4 million in the three months ended in June, as it reeled from its second aircraft disaster of 2014 — the shooting down of a flight over Ukraine. The report is likely to be the airline’s last as a public company, coming one day before a major restructuring is expected to be announced.

 

State investor Khazanah, which owns nearly 70% of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

The fund, which is expected to release more details Friday, has promised other changes that will amount to a “complete overhaul” of the airline.

Thousands of job cuts are expected, something analysts say is needed to help the bloated airline compete with more nimble rivals. Labor unions are expected to oppose the measures.


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