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Malaysian Airlines likely won't return to profit this year, CEO says



By Anshuman Daga

SINGAPORE (Reuters) - Malaysian Airlines' chief executive Ahmad Jauhari Yahya said the loss-making carrier will likely miss its target of returning to profit this year as it struggles with a sharp drop in passenger demand following the disappearance of flight MH370 in March.

Jauhari told analysts in a conference call late on Thursday that 2014 will be "an uphill struggle" for Malaysian Airline System Bhd (MAS) as the carrier overhauls its business strategy. MAS, which has lost money for the past three years, reported its worst quarter in over two years on Thursday.

"Two months on, negative sentiment and perception still outweigh, and this has impacted our company. Our turnaround plan for profitability by end of 2014 is probably now not achievable," Jauhari said.

MAS, which did not provide financial forecasts in its earnings statement, is working on a new business plan to try to cut costs. Reuters reported earlier this week that the airline is looking to sell a stake in its engineering unit and upgrade its ageing fleet as part of an overhaul. ($1 = 3.2260 Malaysian Ringgits)

(Reporting by Anshuman Daga; Editing by Kenneth Maxwell)

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rjen164497 May 16 2014 at 6:22 PM

Are people just waking up. This is a case that shows how the Media controls the news. CNN and the rest went with the a false story. Not one network used common sense. Not one News outlet questioned a story that just didn't add up. Pretty soon no one will trust the Media. Right now it is only about 30% that trust them.

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hoppinhogz rjen164497 May 16 2014 at 8:03 PM

I am afraid that many of us already do not trust the media, particularly since the MH 370 disappearance. Of course there has been so much inconsistancy that it is hard to tell if its the media or what is being told to them. It is pathetic when people can die or be held captive(which ever this is) and loved ones have to suffer like this regardless of where they come from. Maybe with all of us praying to our higher power whatever name we use he will give us a definete sign of where they are.

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renner1234 May 16 2014 at 3:22 PM

Maybe they should go out of buisness.

If they had purchased the engine manufacture data information system they would have known exactly where the plane went.

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bbnpl4545 May 16 2014 at 4:33 PM

This Airline is not to be trusted. Something is very wrong here.I think they need to start looking at the ppl. who are running the Airline a lot more.

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CONNIE May 16 2014 at 8:48 PM

A MAN FROM PAKISTAN TOLD ME THAT THE FLIGHT 370 WAS CARRYING
1000'S OF POUNDS OF LITHIUM BATTERIES TO CHINA AND THAT THIS
WAS COMMON FOR PASSENGER AIRLINES TO TRANSPORT SUPPLIES
THIS WAY. HOW COME THIS WAS NOT IN THE NEWS?

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Peter May 16 2014 at 8:04 PM

It's seems obvious theres a cover up

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Slow May 16 2014 at 7:00 PM

It appears the whole search and all the money spent went for nothing. I say look on land common sense will tell you that Big Airplane did not disappear on it's own. There is a story but it will not be told... Unbelieveable events. This needs to be investigated by responsable people. It is easy to figure out it is right in front of you....same as Steve Fossett and a few others..... I feel for the families with missing loved ones.. People it is right in front of you look....It is like a MGM Production....

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madcap.1 May 16 2014 at 1:39 PM

you fly this airline you deserve what you get.
do you really want your children to fly this airline ?

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amerigom May 16 2014 at 5:05 PM

in MH370 probe
Some 70 days into the hunt for the missing jetliner, the investigation's most critical information appears to have gone missing.
BUT; the Benghazi affair happened a "long time ago"!
How about searching for the culprits?
Too many diversions! And Hillary is trying to get another Government Job!
"Bubba" is trying to help, but; He dosen't know what "sex", is!
Why don't they both go back to Arkansas?

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B May 16 2014 at 4:18 PM

I'd be amazed if consumer confidence in this airline ever allowed a return to profitability. If I had any stock in this airline (or Boeing for that matter) I'd sell. The civil lawsuits are going to ruin this airline (and Boeing as well).

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jano May 16 2014 at 9:12 PM

the plane crashed in the mountains where it will almost impossible to find.
sadness fills my heart for the families.

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