No ticket sales to Malaysia Airlines: reported net loss of $ 98 million

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Malaysia Airlines reported Thursday other financial loss and warned of lower earnings in the second quarter as airfare purchases plummeted in response to the loss of two aircraft in two air disasters this year.

In a statement to the stock exchange, Malaysian Airline System Bhd (MAS) said its net loss in the second quarter increased to 307.04 million Malaysian dollars ($ 97.6 million) after posting a net loss of 175.9 million Malays in the same period last year dollars.

The result was an improvement over the net loss of 443 million Malaysian dollars reported in the first quarter.

Proceeds from April to June are the first to fully reflect the impact on sales of the unexplained disappearance of flight MH370 in March.

The airline would be privatized by its majority shareholder, the state Khazanah Nasional Bhd, in a move to reshape its business hit hard this year by the loss of flight MH370 and MH17 flight demolition on Ukraine in July.

MAS said the incident with the flight MH17 had derailed «all the effort and hard work» done to restore market confidence and sales after the loss of flight MH370.

It is expected that both tragedies hit the profits of the company in the months from July to December because the weekly average airfare purchases fell 33%, with several flights canceled immediately after the shooting down of flight MH17, said MAS.

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