Blue sky...
Nice chart, blue sky...
That's the fruits of hard work Idris Jala and his team put in to turn around Malaysia Airlines, and for once, I wish to seeing things as 'half-full' instead of 'half-empty'.
Malaysia Airlines announced its Q1 2006 financial results yesterday with Abdul Munir Majid out of the scene -- the chairman wasn't at the pressie. The Q1 performance reflected encouraging progress in reducing monthly losses and delivering a small profit in March 2006 though the period in review highlighted a loss of RM 321 million.
There are, however, 2 positive signs that Malaysia Airlines is on the road to recovery.
- Firstly, Malaysia Airlines beat its Q1 2006 target loss of RM 349 million.
If you remember, its full year Business Turnaround target is to improve its business by RM 1.1 billion, thereby cutting its annual loss from RM 1.7 billion to RM 620 million.
- Secondly, by pursuing its Business Turnaround Plan and considering that it made a loss of RM 404 million in the month of December 2005, which includes non recurring items, the airline is rapidly reducing its monthly losses of RM 184 million in January, RM 143 million in February and actually delivered a profit of RM 7 million in March 2006.
Read the full Press Release (PDF) here.
We demand to see something positive from Proton under the chairmanship of Azlan Hashim as his CEOs look like mere pawns who make lofty statements after lofty statements.
Comments
This gets my hopes up of course. Here's to success for MAS and giving the weight to apply pressure on other GLCs to work their asses off as well.
cheers
Posted by: oster![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 08:49 AM
Well done MAS - hope PROTON execs learn from the MAS turn around. Who said Malaysia Tak Boleh?
Posted by: bnaipal![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 08:55 AM
Well done Idris Jala!
Munir you step down!
Posted by: concern-lah![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 09:10 AM
Way to go, MAS! Kudos to the team! I recently flew MAS and the service was still pretty OK. Glad to see that customers are still taken care of despite the tightening of purse strings.
Posted by: SY![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 09:30 AM
Theres a Chinese saying " To use a pen knife to cut down a big tree "......at least there is hope but only just !
Lets also hope some big wig don't get in the way of the little pen knife at work!!!!!!
Posted by: richL![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 09:34 AM
i managed to look at their press release, good move with the righsizing of the manpower, cost reduction program and renegotiating the contract for in flight catering.. way to go.. i hope things will get beteer after this
Posted by: nhm![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 10:01 AM
Lets also hope some big wig don't get in the way of the little pen knife at work!!!!!!
- richL
Amen.
Posted by: Michael Lee![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 10:14 AM
Dear Jeff Ooi. It's time to talk about electricity tariff hiking.. i can see that u never mentioned or complained about this. Please be fair if you wanna critise about Malaysia's company and please tell us more aboutGenting Sanyen, YTL Power and etc, what are their role in electricity.
Thx Jeff, i hope u dun be biased on this.
Posted by: insbox![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 10:29 AM
I am skeptic. What make you think this MAS report is different than those presented in 1998-2000? Did anyone notice MAS has little assets to strip? Too bad, most of it is gone during 1998-2000 period.
Reading "Cost Reduction" reveal some intresting facts. In the report, MAS gave contradicting statements : the fuel hikes and MAS fuel surcharges.
Because fuel surcharges are suppose to be counter the fuel hikes issue, so MAS should make a "fuel surcharges vs fuel hikes" chart, rather than make it part of the operating cost hikes execuses.
Posted by: moo_t![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 10:36 AM
It is my personal belief that one of the major stumbling blocks for MAS getting back into the black was Khazanah itself. It is heartening to note that Munir was not present. Khazanah has not had a good track record for positive change.
Kudos to Idris Jala.
Being someone associated with Oil & Gas, sometimes it takes a truly committed and sincere orang minyak to produce results, plus the added advantage of coming from Shell, world-renowned for its world-class management regimen.
Posted by: walski69![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 30, 2006 10:00 PM
Give Jala a chance to show that the red posts will pierce through the blue sky. This is not an envious position to be after the airline has been plundered all these years. Ask the political masters who decide on ebgines purchasing where MAS is reputed to have the most number of jet engines from the three main jet engine manufacturers in the world.
Those retired staff in MAS know best....
Good luck to you Jala.
Posted by: peterpan![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
May 31, 2006 09:14 PM
Twice this month, I flew MAS on KL-Narita-KL and KL-Shanghai-KL sectors. Except for the "school holidays" crowd for KL-Shanghai sector last Sunday, the loading was pathetic at less than 30% for economy seats.
I wonder how MAS is going to make money if this pattern is repeated through its international sectors.
Hope other sectors are doing better !
Posted by: mikewang![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
|
June 2, 2006 06:57 PM