Malaysia Airlines Bhd (MAS) has posted its first quarterly profit in the three months to March 2016, albeit a small profit of RM14million compared to a loss of RM450 million in the year-ago quarter.
In an email to employees, outgoing chief executive officer Christoph Mueller said that he was “delighted to share that we have stopped the bleeding”.
Revenue fell by 22% due to the 30 % cut in capacity, with a 32.9% increase in cost reduction, reported Mueller.
The airline’s on-time performance was 84% in the quarter, some 2% ahead of MAS’ annual target.