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Malaysia Airlines posts its first profit in over a decade

Redacción - Aviación al Día

Malaysia Airlines reported its first annual profit in over a decade as strong demand and elevated airfares propel a rebound for the troubled airline.

The carrier’s parent, Malaysia Aviation Group, posted a 766 million ringgit ($163 million) profit, from a 344-million-ringgit loss a year earlier, it said in a statement on Thursday.

That was helped by a strong performance for the airline unit, which disclosed an operating profit of RM1.1 billion. The unit reported its first profit since 2010, according to the statement.

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The bottom line was helped by factors including robust passenger traffic from the premium segment and increased international networks, MAG managing director Izham Ismail said at a briefing. That outweighed higher operational and labour costs, a weaker ringgit and supply-chain challenges, he said.

The airline carried 14.5 million passengers in 2023, up 46 per cent from a year earlier. It reached 86 per cent of pre-pandemic capacity by December, and expects a full recovery in the second quarter of 2024.

“While 2023 marked a remarkable resurgence, 2024 is poised to be the year where we solidify our credibility,” Izham said.

The group will add 12 new aircraft to its fleet in 2024, and wants to operate 100 by 2033, Bloomberg reported.

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