Malaysia Airlines parent company reports improved FY21 financial performance on succe

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Malaysia Airlines parent company reports improved FY21 financial performance on successful restructuring, cargo revenue growth

KUALA LUMPUR (April 21): Malaysia Airlines Bhd's parent company Malaysia Aviation Group (MAG) reported on Thursday (April 21) earnings before interest, taxes, depreciation, and amortisation (EBITDA) of RM433 million for the financial year ended Dec 31, 2021 (FY21) from a loss before interest, taxes, depreciation, and amortisation of RM1.761 billion a year earlier on MAG's successful restructuring and cargo business revenue growth at a time when the global aviation industry continued to contend with the impact of Covid-19-driven movement restrictions.

 In a statement, MAG said its cargo business arm MAB Kargo Sdn Bhd's revenue grew 52% to RM3 billion in FY21 from a year earlier.

"Despite lower passenger traffic and reduced capacity for Malaysia Airlines by 62% and 71% respectively in 2021, Malaysia Airlines recorded 57% higher yield in passenger revenue, assisted by its Airline Revenue Maximisation Solution (ARMS) which provides a complete and comprehensive picture of an airline's revenue and cost ecosystem, personalising fares and offers to customers at a willing-to-pay rate using predictive forecasting features.

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