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MYR3bn needed by Malaysia Airlines - report.

AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD

Malaysia Airlines has reportedly said that it requires funds of MYR3bn to take it back into profit.

The airline, which has posted two quarters of losses in a row, apparently requires the funding to help restructure its operations.

According to The Associated Press, it is currently unclear if the MYR3bn is in addition to the airline's cash balance of MYR1.42bn as of 30 September 2005.

The statement was made on Tuesday (20 December) at a meeting between the airline's management and a group of senators, at which the airline also revealed that only 33 out of its 79 routes to Europe and Latin America were profitable and that airline executives had paid out MYR1.56m for three paintings for company offices, reported The Associated Press.

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Title Annotation:Malaysia Airline System Bhd.
Publication:Airline Industry Information
Article Type:Brief Article
Geographic Code:9MALA
Date:Dec 21, 2005
Words:146
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