Malaysia Airlines parent makes first profit since restructure

Higher passenger traffic and yields help earnings, but fleet shortage a challenge

Malaysia Airlines benefited from a rise in passenger demand in its premium segments during 2023. © AP

NORMAN GOH, Nikkei staff writer

March 21, 2024 19:34 JST

KUALA LUMPUR -- Malaysia Aviation Group made its first profit in 2023, helped by a rise in passenger traffic in the premium segment of its flagship carrier, Malaysia Airlines, as travel demand in the Asia-Pacific region recovered from the COVID-19 pandemic slump, the company said on Thursday.

Established in 2015 to oversee a restructuring of the national carrier, MAG recorded a net profit of 766 million ringgit ($162.6 million) for the year ended in December, swinging from a loss of 344 million ringgit the previous year. MAG also posted a 64% year-on-year increase in operating profit in 2023 to 889 million ringgit.