Malaysia Airlines has reversed major losses during the first quarter of the year, posting a net profit of RM310m (A$110m) for the three months ending March 31.
The swing to profits came as revenue increased by 21 per cent to RM3.3bn (A$1.17bn), aided by a 29 per cent increase in passenger traffic. Cargo was also stronger, with traffic up 31 per cent, leading to a 53 per cent increase in revenue to RM456m (A$161m).
The airline’s CEO, Tengku Dato’ Azmil Zahruddin said, “It has been an encouraging quarter. Both passenger and cargo business showed strong growth, boosted by the economic recovery, and our swift response in capitalising on the increase in demand.”
Azmil added that the airline was well placed to take advantage of the recovery in demand, with positive forward bookings, while it has increased frequencies on a number of key routes. The airline is also planning to take delivery of its first Boeing 737-800s from October this year, which will allow it to further add capacity on medium and short haul routes.