Malaysia Airline’s MASkargo division has predicted a gradual recovery in revenues to 2.4 billion ringgits ($788 million) in 2013. But CEO Mohd Yunus Idris said a return to significant profit was unlikely.
MASkargo booked a pre-tax loss of MYR19 million ($6.2 million) in 2011 on revenues of MYR2 billion ($657 million). This year had been “worse than 2011”, he said, owing to the problems in the eurozone, higher fuel prices, and the diplomatic standoff between China and Japan.
The China market, which at its peak accounted for more than half of MASkargo’s revenue, was down by 45 percent while volumes on the Jakarta-Europe trade lane had fallen by more than 30 percent, Idris said. He added, however, that MAS had no plans to sell off its cargo operations despite the present turmoil.
MASkargo took delivery of its third and fourth A330-200 freighters in 2012. The new aircraft completed the carrier’s order for the type and complement the two 747-400Fs in its fleet. The A330s are serving intra-Asian destinations, including Shanghai, Jakarta and Sydney.