Malaysia Aviation Group is aiming for a breakeven in its financial bottom line this year.
More importantly, it sees no more need to utilise the remaining allocated shareholders fund support at least for the next 18 months.
“It has been three consecutive quarters where MAG had achieved a positive net income after tax . The group has shown fantastic progress trimming the net loss and we are putting all of our energy to achieve a breakeven this year, racing to profitability. These have been achieved despite higher fuel prices and labour costs, a weaker ringgit and lower than pre-pandemic flight capacity levels, it said.“If another pandemic strikes again today, our cash balances is enough to cover us for another 18 to 24 months. The chances of not drawing down the remaining RM2.3bil from the shareholders recapitalisation funds is positive for the next 18 months. We remain steadfast not to drawdown any more money from our shareholders,” Izham said.
He said all these steps would help ensure the recent strong showing is not just a one-off event and would be sustainable in the longer term. Izham also noted that MAG today is a very different organisation than what it was before this, noting that partnership through code shares with other airlines would be a key strategy it would continue to work on moving forward.
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