As Flight was delayed, I could not catch my connecting flight back to Singapore. Though Hotel was given the night, I have to take leave on following day absent from work nd also fresh food items were spoiled. If this is not correct dept, kindly forward this to respective dept, thank you.
In the first of four pieces, Kinibiz recaps the last few restructuring plans that were undertaken and have ultimately failed.
Rather, it could be said that this is version 4. Khazanah said that from to Junethe government has expended RM The latest version will cost Khazanah a further RM6 billion over the next three to five years. However Khazanah has emphasised that the money comes with strict conditionality.
It is also attempting to establish a focused and clear direction for the airline, something that perhaps has been lacking since the government re-took ownership after its failed privatisation attempt in the late nineties. The failed privatisation attempt MAS woes can be traced back to the failed privatisation of the airline in to Tajudin Ramli.
This translated to about RM8 per share, which was a premium to the RM6 it was trading at. There are several narratives as to how the privatisation came about and why.
What is clear is that post-privatisation, the airline began a downward spiral that is has never truly recovered from, made worse by the Asian Financial Crisis in the late s.
However in the subsequent period, the others recovered unlike MAS. InMAS under private management had posted losses for three consecutive years. Losses were in the RM million region when the government stepped in and retook ownership of the flag carrier.
The government paid RM8 per MAS share despite the fact the airlines stock was trading at about half of that at the time. The first rescue plan: Widespread Asset Unbundling Inthe first restructuring effort was undertaken in the form of an widespread asset unbundling or WAU.
PMB was in charge of engaging in the acquisition, sales and leasing of aircraft, aircraft engines and investment holding for MAS. MAS continued to deliver net profits over the next two financial years.
However the WAU exercise proved to be too focused on financial restructuring and not enough on making the necessary operational changes. Faced with escalating fuel costs, and having not addressed operating costs and yield, MAS announced a staggering RM1.
Jala also cut routes, reduced operational costs and worked towards raising yields. In his first year, net losses were reduced substantially from RM1. Analysts credited the turnaround to a massive operational cost reduction plus yield enhancement, and given the parameters set out in the BTP1 deemed the effort a success.
The price of crude oil also skyrocketed, hitting its bottomline. As a result net profit fell incoming in at RM million.
Then in the first quarter ofMAS was hit by significant loss from fuel hedging contracts. Engaging in fuel hedging is something that Jala introduced at MAS.
Although not a new strategy in the airline industry it can sometimes backfire, as Jala found out during the last year or so of his time at MAS. It recorded a profit of around RM million for the year, up from the RM million seen during The year again saw a fall in profits to RM million and it proved to be indicative that trouble was returning to MAS.
The following year marked the beginning of this latest return to unprofitability as the national carrier posted a full year loss of RM2.
High fuel costs and poor management were given as the reasons for the dismal showing.Malaysia Airlines Business Plan - Download as PDF File .pdf), Text File .txt) or read online. Malaysia Airlines Business Plan5/5(1).
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The plan of course is not the first effort in re-routing the national airline’s ailing fortunes. Rather, it could be said that this is version after the Widespread Asset Unbundling (WAU) exercise and Idris Jala’s Business Turnaround Plans 1 and 2 in and respectively.
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