Socio-economy

Malaysia Airlines cuts down its Q1 2013 loss

Now this is a piece of news that might slightly appease former YB Wee Choo Keong. This ardent scrutineer of Malaysia Airlines have been slightly pacified by the fact that the misadvised share-swap between Air Asia and MAS (in substance, it was actually a takeover of MAS by Tony Fernandes and his cronies) had been reversed exactly a year ago.

Today, MAS announced its Quarter One 2013 financial results:

Malaysia Airlines Halves Operating Loss in Q1 2013 with 17% Traffic, 14% Revenue Improvement & Positive Cash Balance

Wednesday, 29 May 2013, Kuala Lumpur – National carrier Malaysia Airlines registered a significant improvement in its operations by reducing operating loss by 46% to RM165 million for the first three months ended 31 March 2013 compared with RM307 million in the same quarter in 2012.

The improved performance was delivered in the face of poor economic conditions in which the airline delivered 17% increase in passenger traffic, 14% increase in revenue, and a higher seat load factor of 76.6%. This performance demonstrates that the continued focus to improve revenue and passenger loads is working. For the first quarter of 2013, the Group increased available seat capacity by 11% and increased flight frequencies by 9%.

Malaysia Airlines registered a RM147 million positive cash balance from its operating activities in the first three months of 2013, compared to a negative cash position of RM202 million in the previous corresponding period. This is the third consecutive quarter of positive cash contribution from operating activities.

“Our operating statistics are strong and recording encouraging traction to build up our passenger numbers and growth. These have enabled our Group to generate positive cash balance, and essentially stop the bleeding. However we still have a lot of work to do to align costs to revenue, to increase productivity and efficiency, and improve yields”, said Ahmad Jauhari Yahya, Malaysia Airlines Group Chief Executive Officer.

“The conclusion of the Rights Issue is a milestone for Malaysia Airlines. With the cash injection and capital restructuring, our balance sheet is now on a very strong footing. This gives us wider options to implement a growth strategy for this challenging business environment”, added Ahmad Jauhari.

Malaysia Airlines’ recent Rights Issue exercise to raise RM3.1 billion from shareholders received an over-subscription of 41% valid acceptance and excess applications for the 13.36 billion new shares on offer. The Rights Issue is part of efforts to ‘reset, reboot and rebuild’ Malaysia Airlines which includes redefining business strategies, rebuilding its balance sheet strength to regain and build up its market position.

Traditionally the first half of the year sees weaker performance for airlines. Coupled with increased pressure on yields from intensifying competition and higher costs, Malaysia Airlines group registered a Net Loss after Tax was RM279 million for the first quarter of 2013 compared to a loss of RM172 million previously. This was mainly attributed to an unrealized forex loss of RM21 million in Q1 2013 compared to a forex gain of RM200 million in the previous year. Higher financing costs for its fleet renewal programme also contributed to the overall net loss.

“The continued high jet fuel prices, added capacity in the market and increased competition, put pressure on our yields. The business environment is tough, but Malaysia Airlines is now able to respond faster to changes in the market”, added Ahmad Jauhari.

Malaysia Airlines group revenue for Q1 2013 rose 14% to RM3.55 billion from RM3.11 billion previously. Expenditure for Q1 2013 was RM3.71 billion, 8% higher than the previous corresponding period, mainly attributed to high jet fuel costs, handling and landing costs, flight-related and leasing expenses. Depreciation also rose with the arrival of 6 A380s, 7 A330s and 8 B738s into its fleet over the last 12 months.

Jet fuel prices remained high at an average USD135 per barrel in the first quarter of 2013 compared to USD130 per barrel in the corresponding period last year. The Group’s fuel bill was 37% of total expenditure.

The Group carried 3.6 million passengers in Q1 2013, an improvement of 16% quarter-on-quarter (q-o-q). For the airline itself, passenger revenue was up 11% to RM2.47 billion, however yield decreased 5% to 24.2 sen per RPK.

Externally, the aviation environment saw strong growth in the first quarter of 2013 with both the International Air Transport Association (IATA) and Association of Asia Pacific Airlines (AAPA) reporting improvements in monthly passenger traffic in tandem with better business conditions.

The Asia Pacific region is expected to be the future growth centre of aviation demand, and Malaysia Airlines is well-positioned to tap this future growth. In addition to strengthening its footprint in Asia Pacific with increased frequencies to more business and leisure regional destinations, Malaysia Airlines now offers a wider international network with its membership of oneworld which it joined on 1 February 2013.

Whilst it is still early days to quantify the benefits, the carrier saw interline revenue jump 40% in the period February to March. “We expect interline revenue to increase further as more guests get to know about Malaysia Airlines through oneworld. Joining the alliance is a good platform to widen our reach and brand”, added Ahmad Jauhari.

In other operational matters, On Time Performance (OTP) was maintained at 85.1% for the first quarter of 2013.

Its fleet renewal programme is on-going. By end March 2013, all 6 A380s ordered had been delivered. By flying twice daily Kuala Lumpur-London, and once daily Kuala Lumpur-Paris and Kuala Lumpur-Hong Kong, Malaysia Airlines is optimizing aircraft utilization to average 17 hours daily. This is the said to be the highest, if not one of the highest in the world, A380 aircraft utilization.

It is quite a relief to see our national carrier is showing signs of improvement. Although they are not out of the woods yet, the exponential increase in revenue sees greater hope in cutting down their net loss after tax for the whole 2013. In 2012, they suffered RM433 million in losses while back in 2011, the loss was even higher at RM2.52 billion.

But what is troubling is the non-operating expenditure MAS is incurring such as depreciation, forex losses and financing costs. Stating the obvious, if these items are not managed and streamlined properly, it will eat up the revenue gained in each and every quarter. The only silver lining is the positive cash balance. And even that was helped by the rights issue.

However, this is much better than all the ‘turnaround exercises’ done by previous managements of MAS to window dress its financial statements. Asset unbundling, asset flipping, forex gains, fuel hedge initiative and all other short cuts conjured by the consultants etc.

What MAS needs is a more organic growth. And hopefully its top management can perform their duties that we all can be proud of.

By the way, kudos to MAS for bringing back a stranded mother and her sick child from Vietnam last week. Now that is a humane effort that will be remembered for a long time.

In other news, Felda Global Ventures Holdings Berhad posted a remarkable revenue in Q1 2013.

KUALA LUMPUR: Felda Global Ventures Holdings Berhad (FGV), the world’s third largest oil palm plantation operator, posted a 55.9 per cent increase in revenue to RM2.68 billion for its first quarter ended March 31, 2013.

But its profit before zakat and taxation for the quarter declined by 22.2 per cent to RM218.51 million, from RM280.81 million in the corresponding quarter last year.

Net profit dropped by 25.2 per cent to RM167.06 million from RM223.21 million in the same period previously, FGV said in a statement Wednesday.

The company said the decline in profit primarily reflected the effects of lower average crude palm oil (CPO) price realised by the group of RM2,264 per tonne compared with RM3,205 per tonne in 2012.

Malaysian CPO prices have been trading at around RM2,315 per tonne since December 2012 compared with last year’s average of RM3,190 per tonne, which was aggravated by reduced palm products purchases as well as high inventory holdings in the edible oil consuming countries such as India and China, it added.

FGV Group President Datuk Sabri Ahmad said that in line with other plantation companies, FGV’s plantation division had also been adversely impacted.

“However, as an integrated organisation, FGV has the flexibility to utilise cheaper feedstock in the refineries to offset the effect of reduced pricing and at the same time compete with other edible oil producers,” he said.

He added that the palm oil industry was expecting a price correction by the middle of the year, especially during the upcoming fasting month as demand rises.

Sabri said the decline in profit was also attributed to other factors, including higher fair value changes in the land lease agreement liability of RM54.60 million and provision for impairment which amounted to RM13.66 million related to a joint controlled entity.

Sabri said that the government’s decision to launch the B10 biodiesel programme in its effort to stabilise the CPO price was also timely.

“Taking on this opportunity, FGV had entered into an agreement to acquire a biodiesel refinery located in Kuantan, Pahang and expects the plant to be fully operational by mid-2013,” he added.

“With our resilient integrated business model and new businesses developed in the recent years as well as strong asset base, we are reasonably confident that we will overcome the difficult environment, and barring any unforeseen circumstances, we are optimistic of the prospects for the rest of the year,” added Sabri.

There’s nothing much that can be said about FGVH since that industry is at the mercy of global prices. Even Genting Plantations is suffering a dip of their quarterly profits.

PETALING JAYA: Genting Plantations Bhd’s net profit for the first quarter 2013 (1Q13) fell 44% to RM44mil from RM78.7mil a year ago, due to lower palm product selling prices and a RM31mil contribution for charity purposes.

However, its revenue for the quarter has increased 26% to RM343mil from RM272.6mil a year ago, notably due to stronger sales in its property segment. Earnings per share were lower at 5.8 sen versus 10.38 sen a year ago.

“In 1Q13, the group achieved average crude palm oil and palm kernel selling prices of RM2,293mt and RM1,165mt, down 28% and 40% respectively from the corresponding period of 2012,” it said.

Genting said its softer palm product selling prices outweighed the impact of higher crop yields during the quarter, adding that its fresh fruit bunches output had increased 32% year-on-year (yoy) mainly from its Sabah estates, which had recovered from favourable weather and additional planted areas are moving into higher yielding brackets.

On the other note, the firm noted its property division earnings had quadrupled, posting an increase of profit to RM25mil from RM5.9mil a year ago backed by strong demand for properties in Genting Indahpura.

Genting said it would continue to leverage its presence in Johor, particularly in the burgeoning Iskandar Malaysia region.

24 thoughts on “Malaysia Airlines cuts down its Q1 2013 loss

  1. MAS must improve further, nevertheless this piece of news is encouraging. The whole year performance will reflect whether MAS effectively improves or not. Jika pencapaian 2nd and 3rd quarters merosot pula, maka keyakinan terhadap pengurusan sekarang hanya wayang kulit.

    Apapun, keutamaan Pengurusan MAS ialah untuk mendengar kritik dan input dari kakitangan MAS sendiri. Mereka paling tahu what is required by MAS to succeed.

    Mantan YB Wee diharap terus berjuang dan menjadi suara kakitangan MAS How nice kalau YB Wee dilantik jadi Menteri Penangkutan. Tapi Ah Jib Gor, you really do not listen to Melayu. YB Wee is the best candidate for that post. And he can win back Wangsa Maju. He is the 3% Chinese yang voted for BN while 90% MCA members voted for DAP. Tak nampak ke your blunder “cannot winnable candidate”, Najib?

    PM “I love PM” kita ni can be so Low to appoint a God know who Paul Low as a minister, or a Waytha, or a Shahidan or a Idris, why can’t he be a bit crafty to appoint a Wee? Ada benda mau sorok ke? If you dont change, we will get you changed lar Najib.

    Anyway jangan lupa to “FLY AIRASIA LAST”

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    • Ah Jib Gor listens to advisers the likes of Omar Mustapha Ong, the man pushed into Petronas BOD resulting in the well qualified and oil industry-experienced Hassan Marican losing his job as CEO and Chairman. And people are saying in blogs that he has foreign consultants with offices in Bangsar who advise him even on PRU13.

      And he performed in PRU13 worse than Tun Dol did in PRU12. I support the view that UMNO and the Malays think hard about Ah Jib continuing as UMNO President and as PM. I hope to see serious developments on this at the UMNO General Assembly at the end of the year.

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    • Saya setuju “FLY AIRASIA LAST”. Lihat dari bertia berikut, Air Asia may not last:

      AirAsia faces stiff challenge from perky Malindo Airways

      Malindo Air began operating in Malaysia two months ago, offering competitive fares on lucrative routes. Its CEO Chandran Ramamurthy says the airline has clocked load factors of 79% on average –

      [KUALA LUMPUR] Malaysia’s AirAsia Bhd, which has dominated budget air travel in Asia with explosive growth over the past decade, faces serious competition at home just as it tries to scale up operations in the region.

      Malindo Airways, an affiliate of fast-growing Indonesian budget carrier Lion Air, began operating in Malaysia two months ago, offering competitive fares on lucrative routes.

      Malindo is also luring travellers with perks such as free snacks, a booked luggage allowance and enlarged seats.

      The new player’s entry has since sparked a price war.

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    • To many, Mr Wee Chee Keong is still and always be a very honourable man ( yang berhormat) even though he is no longer an MP – he has earn many respects and admirations from all walks of life.
      I agree with Kiasu above – he is the best choice for Menteri Pengangkutan.
      However, many elected MP nowadays(esp in Sgor) cannot be said to be 100% honourable even though their titlle is YB…

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  2. Give credit where credit is due. Cutting down losses deserve some credit. But the management must be given a time frame to recoup all losses and bring the company accounts back to black. What time frame – let the experts figure that out. Change the CEO if he doesn’t achieve that within a properly worked out time frame.

    The PM or whoever is responsible for the selection of the CEO must be informed. And the Public must be informed of the time frame, too. So that we can be some kind of watch dog, as this is a national airline and the public has a stake in it, never mind owning shares or not.

    And for goodness sake, the person responsible for selecting and appointing the CEO must find a really good corporate man. Preferably some one who has done business turn around before. There must be some geniuses or at least time-tested and proven individuals out there who can do the job. Give him “full authority, without any political interference,” as the new Home Minister said to the Police and those under his Ministry – that which has enabled us to sleep better since he and the new IGP took the posts.

    Najib must make sure no hanky panky or attempts to mess up MAS like the Air Asia share swap nonsense the last time. Don’t allow any more “Tingkat 4” nonsense. He must realize that his standing is not good post- PRU13. The unexplained need for “hammering in” of Mustapha Ong into the Petronas Board at the expense of time-tested and proven Hassan Merican must have contributed to his loss of “urban votes”, the discerning Malays of the Klang Valley included. He has to remember that Perhimpunan Agong UMNO (PAU) is due at the end of the year (and every 2 years), hopefully anxious to discuss his performance at PRU13 being worse than Tun Dol at PRU12. I hope to God that he’ll change his ways, otherwise UMNO/PAU should change him.

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  3. “But what is troubling is the non-operating expenditure MAS is incurring such as depreciation, forex losses and financing costs … not managed and streamlined properly” –

    I don’t know about depreciation costs but forex losses could be managed by buying the foreign currencies concerned ahead of the financial transactions in those currencies. Or hedging. No doubt, even former Minister Mohd Nor Akob was allegedly responsible for billions of foreign exchange losses when he was at Bank Negara, but the operations of a bank – a central bank at that – are surely different from those of an international airline. I know public listed companies involved in huge annual overseas purchases do employ Forex experts to handle the foreign exchange matters of their companies. Doesn’t MAS have them? If not, they should, otherwise such losses will continue to eat up the gains the airline has made in the 1st quarter and so on.

    And to hell with those “turnaround exercises” done by managements to window dress its financial statements. Asset unbundling, asset flipping, forex gains, fuel hedge initiative and all other short cuts conjured by the consultants etc.” I think the problem partly lies in the fact that the Board of Directors often comprise of people who have no clue about company accounts. The few who do may not ask probing questions for fear of not being recommended to continue being Board members. It was like that for a while some time back. Wonder if it’s still so now. MAS must ubah. Those responsible for the appointment of MAS CEO, non-equitable share swap, etc must ubah.

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    • I dunno how the made forex loss when it should have been a gain as all purchases are in USD or Euros which have depreciated in value.

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  4. Honestly, I cannot see how a power plant IPP CEO can turn around an airline like MAS. IPP CEO’s do not have marketing background, no logistics and as cost of fuel is passed on to TNB, so no knowledge on energy trading. They just sit on their backside and wait for the money to roll from their decades long contract of supplying power. Even the plants are managed by foreigners who built the power stations. They have a long term service contract with the manufacturer/builder/contractor.

    So this CEO will have to depend on his advisors for this job, which he promptly did by appointing two foreigners, since he probably did not want the executives in MAS to see him as a fool.

    Now according to star, MAS net loss widens on higher fleet financing cost. Which basically means they cannot afford to pay for the new aircraft and management knew about this, hence the rights issue. This will be a buffer to save them for the next two years at the most unless some magic transformation occurred and a messiah from somewhere comes in.

    The higher passenger numbers can be attributed to the election where Malaysians working overseas for the first time decided to elect and choose their people in parliament.

    MAS and MAHB is synonymous with incompetency, inept. Maybe both have been sleeping together for too long.

    I can already see the writing on the wall for MAHB, which will probably be hived off to Syed Mokhtar’s group. And he will make full use of land acquisition act like what he did in Senai.

    All around the world, we can see that having multiple classes on a plane does not work anymore. You must be either a luxury brand (but not too expensive otherwise the rich types will just hire a air taxi) or a budget. Anything in between will be like zombies, neither here nor there.

    MAS must distance itself from airasia by reducing seats, making it larger and more luxurious including those in economy. Instead of say, 6 seats in a row for B737, it may have to settle for five. Or maybe even four if they had bought smaller aircraft like the Bombardier C-series, or embraer.

    Instead of large A380’s, it should have just bought smaller long distance aircraft like the B737-700ER in super luxury first class and business class only. The first class seats on MAS A380 does not have a cabin like SIA. It is just a cubicle so no hanky panky with the stewardess which is a shame.

    when flying first class between KK and KL, the steward gave me rude gestures when I asked for a beer although it was fasting month and daytime. he should have respect my right to a beer. Where did they recruit stewards nowadays? Afghanistan? Thank goodness for a non muslim stewardess on board who came in and politely offered one.

    and economy should be served alcohol as well for domestic flghts. Instead of distancing itself from airasia, MAS looked like it is copying airasia with service cuts and lower standards. At least on airasia flights, you get to see pretty young stewardesses. On MAS, we expect good service from older mature ones.

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    • One begins to see the point in your first sentence about a power plant CEO in an airline like MAS. But that’s about all worth reading in your comment as the rest is all pot shots, including “They just sit on their backside and wait for the money to roll ..” Would you like to tell us what you do, whether you don’t sit on your fat ass at all, whether you have reached any position of significance anywhere, and whether you have any relevant experience to be saying those as to be worthy of being listened to.

      Easy to say “So this CEO will have to depend on his advisors for this job, which he promptly did by appointing two foreigners, since he probably did not want the executives in MAS to see him as a fool”, eh?

      Because of your Anwar and Opposition parties’ style of making wild, unsubstantiated allegations, what you say after that are not worth listening to, despite you quoting the Star for the reason for MAS net loss, etc.

      Pot shots at MAHB, even the stewardesses, too, eh? And a lot of opinions, no facts. Trying to show you know about the airlines business better than Richard Branson? Might have been a bit readable but for the wild accusations like “sleeping CEOs”. Goodness, you mixing a lot with the likes of Lim Kit Siang, are you? Nothing seems to be right with the likes of you, innit? And you might not even be a Malaysian.

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      • I voted opposition in protest. I do not support their idiocy but there was no alternative. I would have voted jeffrey kitingan but he was not represented on the west. Somebody must shake the stupid BN out of their race based syndrome. Take FIFA as example. Their antiracism campaign shamed us.When will we grow up?

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        • But you need to grow up. Learn to substantiate what you say. Not make wild allegations all the time. That’s stupid, innit?

          Voting opposition in protest or not is your prerogative. But you need to say what “idiocy” you are referring to and what “race based syndrome” you mean. And how “FIFA antiracism campaign shamed us”. And how FIFA is related to MAS that is being discussed or Malaysia that it represents.

          Otherwise you look so damn stupid, man. Not BN that you accuse being stupid. Grow up, will you.

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    • Why would u want to boycott airasia? It flies to more places than MAS and was the main reason why many people can fly, boosted tourism within the region, and allowed many from east malaysia to come and work in the west.
      Only problem is tony became big headed and started to self promote himself.
      Airasia is also the biggest reason why MAS is in a deep rut.
      I have predicted many years ago that the fight for budget airline in asia will be between lion air and airasia. All the others will not be able to grow as big including tiger and jetstar.
      Now with malindo crowding the domestic market, a market MAS once announced they cannot make any money even with ticket priced at double or more what airasia charges in the old days, it could be even worse especially when just about anyone can fly emirates or etihad and now turkey airlines to any destination internationally.

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      • Boycotting Air Asia would shrink Tony Fernandez’s head – good that you yourself said “Only problem is tony became big headed”.

        If he had not messed up MAS with the share swap – presumed to have been done under his influence or wheeling and dealing – and concentrated on Air Asia, really complimenting each other, he would have been an asset to the country.

        But he even showed arrogance by moving his operations to Jakarta and taking with him mainly “the Indian pilots”. And was reported to have tried to mess up with the MAHB which Air Asia owed a lot in unpaid landing and aircraft parking fees, even the airport tax collected from AA pax but payable to MAHB.

        Shall we now concentrate on getting Tony focus on the budget airline operations – and whatever publicity seeking exercises he has engaged in with Virgin Airlines Richard Branson and the New York real estate developer Donald Trumpy “You are Fired” TV programme. If he does that and not sabotage or tried to mess up with MAS in any way again,then we’ll not boycott Air Asia.

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  5. Last year, same period, the airline said as follows:

    Malaysia Airlines Group registered a loss after tax of RM171 million for the first quarter ended 31 March 2012, a significant 29% reduction from the RM242 million loss for the same period last year despite higher jet fuel price averaging USD135 per barrel during the quarter compared to USD120 per barrel in the previous year.

    Total revenue of the Group stood at RM3.11 billion while overall operating expenditure was RM3.42 billion, thus leading Malaysia Airlines to register an operating loss of RM307 million for the first three months of 2012, 10% lower year-on-year.

    This year pulak, it says:

    National carrier Malaysia Airlines registered a significant improvement in its operations by reducing operating loss by 46% to RM165 million for the first three months ended 31 March 2013 compared with RM307 million in the same quarter in 2012.

    Malaysia Airlines group registered a Net Loss after Tax was RM279 million for the first quarter of 2013 compared to a loss of RM172 million previously.

    Compare:

    Operating loss: 2012 Q1/RM307 million, 2013 Q1/RM165 million (29% reduction y-o-y)
    Loss after tax: 2012 Q1/RM171 million, 2013 Q1/RM 279 million (63% increase y-o-y)

    What do investors look for? Nett profit/loss or operating profit/loss?
    How the company is being managed is best appreciated through loss/profit after tax?

    Talents being imported into MAS nowadays are so highly paid and they travel all over to add value in all the markets. That travel cost itself – no ROI measurement. But they plan such travels (not only MAS, which is free but on other airlines as well which is cost) and yet when they return to base, there is no report on how such trips will improve the bottom line.

    And the government is allowing extra funding. Why?

    Even EPF has been frantically selling MAS shares in the open market for many months. If an institutional investor can do this, what confidence level will minority shareholders have on this stock?

    This airline has communication spinners, who will do anything to keep their jobs and travel all over, but they are clueless on how to emulate the hard work of the pioneers wwho are still around and can offer free cousel. Its just that the current folks there want to do it their way which is actuall bleeding the company further despite consultants aplenty in the organisation (who also make money out of an ailing outfit)

    You have any sound advice for Malaysia Airlines and its subsidiaries?

    And we are expected to believe that the airline is doing better this year?

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    • That the 1Qtr results showed improvements, you are not going to expect better results this year? Yet you talk about “confidence level”? And what made you think that EPF sold MAS shares for lack of confidence? Any proof?

      Kamon, Mista, true MAS has been ailing for some time. But be fair in our comments. The latest debacle was the Air Asia swap deal. Though subsequently reversed, some damage has been done. True, consultants have been engaged, but do show something tangible when saying they are not performing.

      Goodness, that’s the national airline of our country, all citizens should help make it profitable. Some nice words, or constructive criticisms – with justifications – would help, man.

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    • PARAMESWARAN,

      “Communication spinners”? Saying this is the third consecutive quarter of positive cash contribution from operating activities is spinning?

      The recent Rights Issue exercise to raise RM3.1 billion from shareholders receiving an over-subscription of 41% is spinning?

      Why would shareholders want to take more than the amount issued? Was it not a reflection of confidence in the airline?

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  6. As this 1st Quarter results help to show that MAS can run fairly well without Tony Fernandes, and shore up the good sentiments against the share-swap / takeover of MAS by Tony Fernandes and his cronies a year ago, they should be applauded and the management encouraged to do better for the rest of the year.

    The “Level Four” boys of the PM’s Dept that appeared to have advised the PM of the MAS-Air Asia share swap appear to still exist. They may have been advising on “unknown quantities” kind of people and fake degree holders be placed on the BOD of institutions that are important for the promotion of the Malay and Bumiputera agenda. An unknown personality, Omar Mustapha Ong, being “hammered” into Petronas BOD even at the expense of an established corporate figure Hassan Marican, fake degree holder (Preston University) Azees Rahim in the BOD of Tabung Haji, and now another fake degree holder, Dr Mohd. Emir Mavani, is being appointed as CEO (designate) of FGVH. More details are at http://bigdogdotcom.wordpress.com/2013/05/31/thinning-of-the-wedge/#comments

    It’s a big wonder what the objectives of the Level Four boys, or of Najib, when making such appointments as Omar Mustapha Ong, who was said to have been very close to him. For now, we must give every encouragement to those trying to right things, some of which are the result of the undoing of the wrongs done by Najib and the Level Four fellows, like reversing the MAS-Air Asia share swap. And the present MAS management appears to be doing things right.

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    • Maybe when these guys showed their fake degrees, those third grade one spoken language guys at the PR department were u able to scrutinise their cv but were impressed with their dressing.
      The gahmen thought tony was the messiah they required but he was never in charge. He was neither here nor there. Besides, MAS was long gone before the share swap. Why do you think idris swap his job.MAS is top heavy. Too many highly paid managers. Their staff gets to work on company cars. Too many pilots and engineers promoted into management, a job they are unfit to do. And that munir chap even have the cheek to take away bottles of fine champagne after his free flight. cheap skate. But talks with a fine english accent.

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      • Again, learn to explain yourself. try to make people believe what you say, not just make wild accusations that’ll make people spit at you.

        If “MAS was long gone before the share swap”, why is MAS still in existence to day? Why don’t YOU state YOUR reasons, instead of asking readers to think why “idris swap his job”.

        And who says “MAS is top heavy”? Who cares what you think if you don’t make any attempt to explain. And what proof have you got on “Too many highly paid managers .. company cars .. Too many pilots and engineers promoted into management, a job they are unfit to do”?

        Why have you not stated any facts and figures for MAS and those of other airlines for comparison? Easy just to accuse without doing any research, eh, stupid?

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  7. It’s good to read that Felda Global Ventures Holdings Berhad (FGVH) posted a 55.9 per cent increase in revenue to RM2.68 billion for its first quarter ended March 31, 2013.

    But why are those in authority appointing as CEO (designate) of FGVH one Dr Mohd. Emir Mavani who was said to have obtained a Ph.D in Government Reforms from Warnborough University in the United Kingdom in 2008 but when googled, there seems to be no ‘Warnborough University’ in the United Kingdom. There is only a ‘Warnborough College’, which HQ address is listed somewhere in Kent. What is interesting is that this ‘Warnborough College’ or ‘Warnborough University’ is in the UK list of unaccredited institutions of higher education i.e the list of bogus universities.
    http://bigdogdotcom.wordpress.com/ has the story.

    Does DS Najib not know of such appointment or was he the one doing the appointment? Is he not aware or was not advised of the facts above? Or he has become used to dealing with fake PhD degree holders in the likes of Yap Sin Tien of Dong Zong, the administrators of Chinese schools that Najib gave so much yet got the Chinese tsunami at PRU13?

    How can a dishonest, fake-degree using man be given the trust to run a huge company on which rests so much interests of the Malays in this country? Is it designed to weaken the Malays some more? Is it the influence of the so-called Level 4 boys? Are they putting him in, like they did Omar Ong to the BOD of Petronas, to do the bidding for them in their business interests connected with the huge organization? Damn them if they do. Damn those responsible if they don’t.

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  8. I’m happy to read about the government’s decision to launch the B10 biodiesel programme in its effort to stabilise the CPO price. And FGV is acquiring a biodiesel refinery located in Kuantan.

    There’s a lot resting on the CPO price. So many rural folks depend on it for a decent living. Those very folks who have secured for UMNO a total of 89 seats at the last PRU. Those who will continue to do unless UMNO allows its leader to keep on bending backwards for the tsunami Chinese and doing such nonsense as bowing to the demands of the incorrigible Opposition blokes – like setting up a Select Parliamentary Committee to oversee the Election Commission, which should continue to be independent and responsible to YDP Agong, not to the government or to Parliament.

    I believe the day will come when more uses of biodiesel will be found despite the advent of hybrid cars etc. It’s not inconceivable that airplanes can one day use biodiesel and airlines will find it efficient to use form of fuel. Or perhaps biodiesel will be adjusted or modified in content etc to suit to the requirement of the jet planes. Remember that petroleum is a depleting resource whereas palm oil, the biodiesel base, is not.

    The time will come when more and more research will be conducted to diversify and intensify the use of non-depleting alternative energy sources. Happiness will be to know that MAS flies on Malaysian palm oil energy. Maybe a generation or two from now. But the time will come.

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