MALAYSIA Airlines (MAS), continuing on its flight path to recovery, has turned in a net profit of RM330.4mil for its third quarter ended Dec 31, 2002. The result was boosted mainly by exceptional gains of RM229.4mil as a result of the airline’s widespread asset unbundling (WAU) scheme and RM77mil from the sale of aircraft and engines.
The WAU scheme basically shifts aircraft-related assets and liabilities from MAS’ balance sheet to the government, and the unbundling of the carrier’s domestic business gives revenue generated from its domestic operations to the government in return for a fee.
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