The 15 As are used on 10 medium haul routes:
In the first of four pieces, Kinibiz recaps the last few restructuring plans that were undertaken and have ultimately failed. Rather, it could be said that this is version 4. Khazanah said that from to Junethe government has expended RM The latest version will cost Khazanah a further RM6 billion over the next three to five years.
However Khazanah has emphasised that the money comes with strict conditionality. It is also attempting to establish a focused and clear direction for the airline, something that perhaps has been lacking since the government re-took ownership after its failed privatisation attempt in the late nineties.
The failed privatisation attempt MAS woes can be traced back to the failed privatisation of the airline in to Tajudin Ramli. This translated to about RM8 per share, which was a premium to the RM6 it was trading at.
There are several narratives as to how the privatisation came about and why. What is clear is that post-privatisation, the airline began a downward spiral that is has never truly recovered from, made worse by the Asian Financial Crisis in the late s.
However in the subsequent period, the others recovered unlike MAS. InMAS under private management had posted losses for three consecutive years. Losses were in the RM million region when the government stepped in and retook ownership of the flag carrier. The government paid RM8 per MAS share despite the fact the airlines stock was trading at about half of that at the time.
The first rescue plan: Widespread Asset Unbundling Inthe first restructuring effort was undertaken in the form of an widespread asset unbundling or WAU.
PMB was in charge of engaging in the acquisition, sales and leasing of aircraft, aircraft engines and investment holding for MAS. MAS continued to deliver net profits over the next two financial years. However the WAU exercise proved to be too focused on financial restructuring and not enough on making the necessary operational changes.
Faced with escalating fuel costs, and having not addressed operating costs and yield, MAS announced a staggering RM1. Jala also cut routes, reduced operational costs and worked towards raising yields. In his first year, net losses were reduced substantially from RM1.
Analysts credited the turnaround to a massive operational cost reduction plus yield enhancement, and given the parameters set out in the BTP1 deemed the effort a success. The price of crude oil also skyrocketed, hitting its bottomline. As a result net profit fell incoming in at RM million.
Then in the first quarter ofMAS was hit by significant loss from fuel hedging contracts.The new Malaysia Airlines fleet plan envisages the A fleet increasing to approximately 30 aircraft within the next three years.
whereas the As have 27 lie flat business class seats. Malaysia Airlines retrofitted its A fleet in , improving the business class product and adding two rows of extra legroom seats at the front of the. Malaysia Airlines (MAS) has unveiled a new business plan aiming to restore profitability by significantly cutting capacity and increasing focus on the premium sector, which includes the launch of a new regional premium carrier in 1H Several business units including maintenance, cargo and ground.
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The plan of course is not the first effort in re-routing the national airline’s ailing fortunes. Rather, it could be said that this is version after the Widespread Asset Unbundling (WAU) exercise and Idris Jala’s Business Turnaround Plans 1 and 2 in and respectively.
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