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Malaysia Aviation Group announces positive earnings for 2021
April 22nd 2022
Malaysia Aviation Group (MAG) said its operating airlines were expected to lift capacity to about 70% of pre-pandemic levels following the group’s 2021 turnaround in financial performance. Read More » MAG generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of 433 million ringgit (US$101 million) for the 12 months to December 31, 2021, up from negative EBITDA of 1.8 billion ringgit in the same 12 months in 2020. "With the gradual reopening of international borders, MAG is seeing strong uptake in passenger demand and sales contributing to the group’s cash balance, which remains solid," MAG said. Russia's invasion of Ukraine had "raised concerns and challenges in managing operational cost, which is directly impacted by the escalating fuel price", MAG said.
