MAS records Q2 loss, trend likely to continue

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National carrier MAS (Malaysia Airlines) has recorded a net loss of RM526.8 million loss in its second quarter. The loss for the second quarter ending June 30 was however better as compared to the corresponding quarter last year when it recorded a net loss of RM534.73milloin. This is despite the 8% growth of its overall revenue for the same quarter which stood at RM3.49billion.

According to MAS, the loss was mainly due to lower revenue garnered from its cargo businesses as well as the rising and higher fuel cost. The board said that they had not expected to record profit for the second half of this year but it might not be as serious as Q1 and Q2. In Q2 alone, capacity was up by 10% and there was also increase in passenger revenue too but fuel cost grew by 41% to RM1.55billion. in the same quarter in 2010, fuel cost was at RM1.10billion.