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Categories
| Updated MAS posts RM875.5m net profit in 2Q |
| Business & Market 2009 | |||
| Written by Isabelle Francis | |||
| Thursday, 06 August 2009 17:11 | |||
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MAS announced on Aug 6 the gains were due to a reversal of the hedging losses of RM640 million in the first quarter. The group recorded an operating loss of RM420.8 million in 2Q compared with profit of RM62.0 million a year ago mainly due to lower operating revenue in line with the declining trend in global travel and cargo movements resulting from the current economic downturn. Derivative gain/(loss) consisted of realised gain/(loss) on settlement of hedging contracts during the quarter and fair value changes due to movement in mark-to-market (MTM) position on outstanding hedging contracts at June 30, 2009 as compared to Jan 1, 2009. MAS said the load factor in 2Q was 66%, an improvement from the 56% in 1Q.When compared with 1Q, the group recorded higher operating loss for the quarter of RM420.8 million compared to loss of RM137.9 million in previous quarter mainly due to a lower operating revenue in line with declining trend in global travel and cargo movements resulting from the current economic downturn. However, the group recorded a profit after tax for the quarter of RM876.2 million from a loss of RM694.8 million in previous quarter after including derivative gain of RM1,340.5 million. For the first half, net profit was higher at RM180.12 million compared with RM160.04 million a year ago. Revenue was RM5.3 billion versus RM7.52 billion. The Economic Loss of the group for the quarter and period ended 30 June 2009 is RM882 million (2008: RM52 million loss) and RM1,785 million (2008: RM11 million loss) respectively. The group recorded economic loss for the quarter and period ended June 30, 2009 after excluding derivative gain and certain non-operational items such as interest income and foreign exchange differences.
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