Bumpy Flight Ahead for MAS and Me….

As usual extracted from TheStarOnline:

ISTANBUL: Malaysia Airlines is bracing for tough times ahead due to rising fuel prices.

In view of this, its managing director/chief executive officer Datuk Seri Idris Jala said MAS had introduced cost-cutting measures and put off all unnecessary spending.

Saying the situation would be “even worse than SARS or the time when the airline nearly went bust three years ago,” he said he had met unions and other workers associations to inform them of the situation. The warning comes in the midst of jet fuel prices reaching US$171 (RM550) per barrel.

Analysts said the alarm bell raised by MAS was significant because the airline was one of the better performers in the industry over the past two years. The airline made almost RM1bil in profits last year.

The freeze on spending include freezing all recruitment and training (except with MD/ED approval), review of loss-making routes and flights, prioritising projects and expenditure.

Idris, who was speaking to Malaysian

journalists covering the International Air Transporters Association annual general meeting here, said the cost-cutting mea-sures were necessary until the situation improved.

“This time last year, jet fuel was at US$80 (RM258 ) per barrel and we made a profit of RM133mil for the first three months. This year, fuel prices have reached US$171 per barrel and yet we made RM120mil.

“If not for the fuel prices, our first quarter profits would be about RM800mil.”

He expressed confidence that MAS would survive the crisis because “everyone had been through it before”.

He pointed out that at least a dozen airlines in the world had folded up because of the oil crisis and he expected this figure to rise.

He confirmed that MAS fares would increase between 3% and 20% on all routes and that the Everyday Low Fare campaign was a success with MAS netting RM23mil in profits in its first two weeks.

Freeze recruitment and training?? Nooooooooooooooooo!!!!!!!! *melting slowly*


4 Responses to “Bumpy Flight Ahead for MAS and Me….”

  1. 1 nicki June 4, 2008 at 6:26 pm

    i will pray for you.. have faith! =)

  2. 2 クリンソン ドリーム June 4, 2008 at 8:08 pm

    i hope so….

  3. 3 Yen Mei June 5, 2008 at 2:20 am

    Don’t worry so much k…Shouldn’t be a problem wan..
    That why I always ask you to pray hard for what you want..

  4. 4 クリンソン ドリーム June 5, 2008 at 3:33 am

    Hopefully it will be alright! thanks!

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