National carrier Malaysia Airlines said Wednesday it endured a net loss of 300 million ringgit ($88.9 million) in the third quarter, mostly because of wrong way stakes on fuel prices.
The transporter’s loss for the three months through September marked a reversal from a 38 million ringgit net profit in the same three months of last year. Losses on imitative contracts used to be cautious against volatile fuel prices totaled 202 million ringgit.
Profits for the quarter chop 28% to 2.9 billion ringgit, hit by the cuts in ticket charges that airlines made to attract travelers during the global recession.
The airline said it would shortly need to raise prices to boost its bottom line.
"Fares-wise, the current low levels are not sustainable in the long term," the airline's chief executive, Azmil Zahruddin, held in a statement. But he added the company would "continue to offer competitive and persuasive fares."
Malaysia Airlines said it accepted 3.3 million passengers in the third quarter, the highest since early 2008.
It said advance bookings for next year were enhanced compared to 12 months ago, and that it was increasing profitable flights domestically and somewhere else in the
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