Malaysia's two biggest air carriers, Malaysian Airline System Bhd. (3786.KU) and AirAsia Bhd. (5099.KU), reported tepid third-quarter results because of higher fuel costs and warned of a challenging fourth quarter due to slowing demand for air travel and persistently high fuel prices.
Flag carrier Malaysian Airline System reported Monday its third consecutive quarterly net loss of MYR477.6 million (US$150.4 million) for the three months ended Sept. 30, compared with a net profit of MYR233.2 million a year earlier. Revenue rose 5.0% to MYR3.57 billion from MYR3.40 billion.
The airline said fuel costs increased 37.1% from a year earlier and that it had a derivative loss of MYR70.2 million compared with a gain of MYR155.7 million a year earlier.
The full-service airline also said the fourth quarter is likely to be challenging as "the worsening economic situation in Europe has translated into weak forward booking profiles for its long-haul routes."
AirAsia, Southeast Asia's largest budget airline by fleet size, said Tuesday its fiscal third-quarter net profit fell 53% to MYR152.3 million from MYR327.3 million in the year-earlier period. Revenue rose 9.9% to MYR1.08 billion from MYR979.7 million helped by an 8% rise in passengers.
AirAsia's fuel expenses rose 45% to MYR421.2 million, while staff expenses increased 38% to MYR126.3 million.
The low-cost carrier said that based on current forward booking trends the "underlying passenger demand in the final quarter for the Malaysian, Thai and Indonesian operations remains positive." But it added that "outlook for the final quarter of the year should be seen in the context of the current high price of oil and aviation fuel."
The airline also said fuel surcharges introduced during the third quarter have "mitigated, but not fully offset, the effect of higher fuel prices."
In August, the major shareholders of Malaysian Airline System and budget carrier AirAsia agreed to swap shares in a bid to lower competition and cut costs. Under the collaborative agreement, the airlines aim to realize savings and increase revenues from aircraft purchasing, engineering, ground support services, cargo services, catering and training.
Malaysian Airline System said it expects to make an announcement "soon" on some details of the collaboration.
AirAsia Chief Executive Tony Fernandes told analysts in a conference call that he expects an announcement in the first week of December, adding that "we are looking at tremendous cost savings" from the collaboration.
Flag carrier Malaysian Airline System reported Monday its third consecutive quarterly net loss of MYR477.6 million (US$150.4 million) for the three months ended Sept. 30, compared with a net profit of MYR233.2 million a year earlier. Revenue rose 5.0% to MYR3.57 billion from MYR3.40 billion.
The airline said fuel costs increased 37.1% from a year earlier and that it had a derivative loss of MYR70.2 million compared with a gain of MYR155.7 million a year earlier.
The full-service airline also said the fourth quarter is likely to be challenging as "the worsening economic situation in Europe has translated into weak forward booking profiles for its long-haul routes."
AirAsia, Southeast Asia's largest budget airline by fleet size, said Tuesday its fiscal third-quarter net profit fell 53% to MYR152.3 million from MYR327.3 million in the year-earlier period. Revenue rose 9.9% to MYR1.08 billion from MYR979.7 million helped by an 8% rise in passengers.
AirAsia's fuel expenses rose 45% to MYR421.2 million, while staff expenses increased 38% to MYR126.3 million.
The low-cost carrier said that based on current forward booking trends the "underlying passenger demand in the final quarter for the Malaysian, Thai and Indonesian operations remains positive." But it added that "outlook for the final quarter of the year should be seen in the context of the current high price of oil and aviation fuel."
The airline also said fuel surcharges introduced during the third quarter have "mitigated, but not fully offset, the effect of higher fuel prices."
In August, the major shareholders of Malaysian Airline System and budget carrier AirAsia agreed to swap shares in a bid to lower competition and cut costs. Under the collaborative agreement, the airlines aim to realize savings and increase revenues from aircraft purchasing, engineering, ground support services, cargo services, catering and training.
Malaysian Airline System said it expects to make an announcement "soon" on some details of the collaboration.
AirAsia Chief Executive Tony Fernandes told analysts in a conference call that he expects an announcement in the first week of December, adding that "we are looking at tremendous cost savings" from the collaboration.
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