Remained in the red in 2QFY12/10. Normalised net loss widened substantially to RM317.6m in 2QFY12/10 (excluding RM217.2m derivative losses), from RM75.6m in QFY12/10 (excluding RM329m A380 compensation and RM56.7m derivative gains). Cumulatively, normalised 1HFY12/10 net loss of RM393.2m came in much worse than our full-year net profit forecast of RM381.4m and the full-year market consensus of RM118.1m net profit. We believe the key variance against our forecast came largely from the lower-than-expected recovery in yields.
Malaysian Airline System Berhad : Still In The Red In 2QFY12/10-17/08/2010
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