On the Edge Financial Daily: MAS posts RM875.5m net profit in 2Q
On the Sun: MAS posts record RM676m net profit for Q2.
On Business Times: MAS in the black
On Star Business: Malaysia Airlines' Q2 profit highest ever despite economic crisis
Bottom line? Let me use this two lines from the Edge Financial Daily.
- The group recorded an operating loss of RM420.8 million in 2Q compared with profit of RM62.0 million a year ago mainly due to lower operating revenue in line with the declining trend in global travel and cargo movements resulting from the current economic downturn.
Derivative gain/(loss) consisted of realised gain/(loss) on settlement of hedging contracts during the quarter and fair value changes due to movement in mark-to-market (MTM) position on outstanding hedging contracts at June 30, 2009 as compared to Jan 1, 2009.
An operating loss of rm420.8 million!
And our local media is talking about MAS back in black and with RECORD profits even!
Ahh... fair reporting.
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5 comments:
Now this is a shocker!
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MAS climbs despite 2Q operating loss
Written by The Edge Financial Daily
Friday, 07 August 2009 09:46
KUALA LUMPUR: MAS share price rose in early trade on Aug 7, despite posting an operating loss of RM420.8 million in the second quarter ended June 30 compared with profit of RM62.0 million a year ago.
At 9.30am, the share price was up 22 sen to RM3.32 with 573,400 shares done. The FBM KLCI added 3.88 points to 1,187.85. Turnover was 120.58 million shares valued at RM180.22 million.
MAS reported on Aug 6 the losses were mainly due to lower operating revenue, reflecting the difficulties in which airlines are operating within as global travel and cargo movements slumped due to the current economic downturn.
However, MAS posted net profit of RM875.51 million in the 2Q, due to a RM1.34 billion fuel hedge gain.
RHB Research said excluding exceptional items of RM783.5 million in derivative gains, MAS reported a core net loss of RM603.4 million in 1HFY09 vis-à-vis its full-year net loss forecast of RM805 million and the full-year market consensus of RM704.6 million net loss.
"We consider the results in line with expectations as we expect operating losses to narrow during the remaining quarters as 2H is seasonally the stronger half," it said.
The research house said the RM1.34 billion derivative gains in 2Q (partially offset by RM465 million net operating loss in 2Q), helped to reverse MAS's equity from a minus RM460 million as at end-1Q to a positive RM420 milllion in end-2Q.
"Forward booking for departures in 2H that has so far appeared stronger as compared with a year ago could be negated by yields that fail to improve significantly. Indicative fair value is RM1.56. Maintain Underperform," it said.
Is it fair reporting = crap reporting?
Looks like you are the only one asking the same question.
sigh
yo,
it had been age since i trust anything from ppl who espoused nothing but sources :p
lol.. who you talking about? :p2
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