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Malaysia Aviation Group to report $12 Million Net Profit in 2024

Malaysia Aviation Group (Malaysia Airlines' parent company) reported on Thursday a net income of 54 million Ringgit ($12.24million) for the 2024 financial period.

Malaysia Airlines is still struggling to recover

two deadly disasters

In 2014, the airline temporarily reduced its capacity by 18% last year after it was

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The Malaysian civil aviation authority found several safety and maintenance problems.

Izham Ismail, MAG's managing director, told a press briefing that despite the capacity cuts the passenger traffic remained strong in the premium segment. Both the passengers and the cargo segments had higher load factors.

MAG stated that the capacity reductions in the fourth quarter 2024 are due to supply chain disruptions which have extended maintenance times and delayed new aircraft deliveries.

Malaysia Airlines was delisted from the stock exchange in 2014. Khazanah Nasional, a sovereign wealth fund, then acquired ownership of MAG.

In 2023, MAG reported its net profit after tax and interest since the 2015 restructuring.

MAG is constantly growing and upgrading its fleet.

Last month, it was said that

Would buy

Boeing will sell 18 737 MAX 8, 12 737 MAX 10, and an additional 30 jets with the option of purchasing more.

Izham stated that MAG is committed to replacing its aging fleet but operational disruptions remain a challenge.

He said that "global supply chain disruptions, and delivery delays, have affected the pace."

The MAG Group includes Malaysia Airlines, Firefly and Amal, a pilgrimage airline. ($1 = 4.410 ringgit) Reporting by Danial Zahar, Writing by Lisa Barrington, Editing by Kim Coghill & Gerry Doyle

(source: Reuters)