Thursday, November 25, 2010

MAS records operating profit of RM122.7m in 3Q

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) posted operating profit of RM122.7 million for the third quarter ended Sept 30 (3Q2010) compared with an operating loss of RM77.4 million a year ago, which lifted the nine-month financial period into the black.

MAS said on Thursday, Nov 25 for the 3Q2010, the significant improvement was mainly due to higher operating revenue and improvement in its yield.

'The group recorded a profit after tax of RM233.9 million (3QFY09: RM299.1 million loss) after including amongst others, derivative gain of RM155.7 million (3QFY09: RM202.1 million loss),' it said. There was a derivative gain of RM169.8 million from fuel hedging contracts compared with loss of RM174.5 million a year ago.

Its revenue was RM3.39 billion compared with RM2.94 billion a year ago while earnings per sghare were 6.98 sen compared with net loss per share of 14.6 sen.

For the nine months ended Sept 30, 2010 (9M2010), it posted net profit of RM8.55 million compared with net loss of RM120.08 million in the previous corresponding period. Revenue was RM9.91 billion compared with RM8.21 billion.

MAS reported an economic loss of the group for 3QFY10'' and 9M2010 of RM70 million (2009: RM96 million loss) and RM150 million (2009: RM794 million loss) respectively.

The group recorded economic loss for the quarter and 9M2010 after excluding certain items such as derivative gain/(loss), interest income and foreign exchange differences respectively.

The airline qualified that although the economic profit may have some usefulness in terms of providing an indication of the return after deducting the cost of the resources it employed, it should not be used in isolation as an indicator of a company's performance nor is it a predictor of future performance. The EP results purely on their own may often give misleading results or trends, it explained.

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