In the red in 1QFY12/10. Excluding RM329m A380 compensation and RM56.7m derivative gains comprising largely mark-to-market (MTM) gains from fuel hedging contracts (long position) pursuant to FRS on the back of higher crude oil prices, MAS reported a normalised net loss of RM75.6m in 1QFY12/10. As we expect MAS to be profitable over the next three quarters on the back of a mild recovery in the global air travel sector and seasonally stronger 2H, we consider MAS’s 1QFY12/10 results within our full-year net profit forecast of RM381.4m but above the market consensus of RM30.4m net loss for the full year.
M’sian Airline System Berhad : Operationally In The Red In 1QFY12/10 - 18/5/2010
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